Hi, this is my first post, I hope someone can advise.
I own a flat which is rented out, it has a 100k mortgage (in my sole name) on it which I pay interest only, £337 a month.
The flat rents out for £750pcm, so I'm making and paying tax on a fair amount. I should also add that I am a high rate tax payer.
My wife does not work at all.
Is there an easy way to pass the rental profits to her to avoid me paying the high rate tax on the rental profits?
Oh if it makes any difference it was my main residence before we got together, and we lived there together for a few months before we got married and bought a house together.
Thanks...
I own a flat which is rented out, it has a 100k mortgage (in my sole name) on it which I pay interest only, £337 a month.
The flat rents out for £750pcm, so I'm making and paying tax on a fair amount. I should also add that I am a high rate tax payer.
My wife does not work at all.
Is there an easy way to pass the rental profits to her to avoid me paying the high rate tax on the rental profits?
Oh if it makes any difference it was my main residence before we got together, and we lived there together for a few months before we got married and bought a house together.
Thanks...