Hi All,
First post on this forum. I've seen some other similar questions to my own, but not quite the same. I hope someone can help :)
My husband and I both owned properties (mortgaged) before we married in 2008. Since then, we have rented out my hubby's and lived in mine (not changed the legal title). After being a higher rate tax payer, I became a no/low tax payer in 2012/13 as I now look after our young son full-time. We have paid off the mortgage on his property, but not on the one we live in. Historically, all rental income on my hubbby's property has been included in his tax return. Going forwards, it would be better (cheaper!) for the rental income to be included in my tax return details, and the mortgage payments included in his tax return. Can we do this by simply declaring a change in beneficial ownership, for both properties (through a self-written signed memo)? Do we need to formally declare anything with HMRC? Form 17 didn't look directly relevant as both properties are still only held in one name. And can we back-date the transfer to 6/4/12?
Any advice gratefully received!
First post on this forum. I've seen some other similar questions to my own, but not quite the same. I hope someone can help :)
My husband and I both owned properties (mortgaged) before we married in 2008. Since then, we have rented out my hubby's and lived in mine (not changed the legal title). After being a higher rate tax payer, I became a no/low tax payer in 2012/13 as I now look after our young son full-time. We have paid off the mortgage on his property, but not on the one we live in. Historically, all rental income on my hubbby's property has been included in his tax return. Going forwards, it would be better (cheaper!) for the rental income to be included in my tax return details, and the mortgage payments included in his tax return. Can we do this by simply declaring a change in beneficial ownership, for both properties (through a self-written signed memo)? Do we need to formally declare anything with HMRC? Form 17 didn't look directly relevant as both properties are still only held in one name. And can we back-date the transfer to 6/4/12?
Any advice gratefully received!