Property Tax Insider

Each month our tax experts reveal tax strategies to help minimise your property taxes.

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Here is what our tax experts are sharing with you in this month's magazine:

No CGT on BTL Properties?

A popular piece of tax planning for buy-to-let investors is to move into a property and live in it for a few months before selling it, thus attracting the exemption from CGT for a “main residence” for the last three years of ownership, together with the....
Trader or Investor - Why it Matters

Which would you prefer - a capital gains tax bill of 18% or an income tax and national insurance contributions bill of 29% or 42% (or possibly even 52%) on the profit made on the sale of a property? The choice can be yours but planning...
More Than One Home – Which One Is Your Main Residence?

At first sight, this may seem something of a straightforward question. If you have more than one home, logic would suggest that this is the property at which you spend the majority of your time. However, as far as the main residence exemption for capital gains tax (CGT) purposes is concerned, this...
Buyer Beware! Government Crackdown on High Value Property and Property Tax Avoidance

In his 2012 Budget Speech on 21 March, the Chancellor set out a number of measures designed to combat perceived abuse of the tax rules in relation to properties. Just in case you lost them amongst the headlines about “granny tax” and “pasty tax”, they cover...
Tax Insider: Tax Tips
Tax Insider: Your Property Tax Questions Answered by Arthur Weller

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Overview Tax Articles Questions & Answers Tax Tips

Property Tax Insider is aimed specifically at anybody who is involved in property.

Its sole purpose is to help you to legitimately avoid or minimise your property income tax, capital gains tax, inheritance tax etc.

This monthly magazine will particularly benefit the following:

Landlords with properties in the UK
Property investors who hold property overseas
UK and international property developers
Accountants or tax advisors who have property clients
Financial advisors

1 2 3 4 5 next » Tax Articles 1 - 10 of 132

What Expenses Can I Claim?(May 2012)
Claiming Travel Costs in Property Rental Businesses(May 2012)
Use it or Lose it! Flat Conversion Allowance(April 2012)
100% Tax Relief - Renovation Allowance(April 2012)
New for Old! The End of the Renewals Allowance(March 2012)
Interest Tax Relief And The ‘Buy To Let Portfolio’(March 2012)
Three Homes Are Where the Heart Is! More Insights Into What Makes A ’Main Residence’(February 2012)
Renewable Energy and Tax (Part 2) – Business Tax(January 2012)
Solar Power for Property Owners (Part 1)(December 2011)
Tenant Deposits: Traps & Tips(November 2011)

Ask A Question

« previous 1 2 3 4 next » Questions 11 - 20 of 34

I have a monetary difference between mortgage payment and rent - will I have to pay tax?(December 2011)
When should we gift our son a property we are buying?(December 2011)
What are the CGT implications of transferring my property in the name of the Guernsey based company?(November 2011)
Can we vary our income split for tax purposes?(November 2011)
Can I Sell My Property Below Market Value?(October 2011)
Can I Claim for Landlord’s Energy Saving Allowance (LESA) for Two Consecutive Years?(October 2011)
How Much CGT Will We Have to Pay?(October 2011)
If We Sell at a Loss, Will We Still Have to Pay CGT?(October 2011)
Can I Get Deductions for the Interest on a Mortgage?(October 2011)
What Tax Will I Pay on a Transferred Property?(October 2011)

Back to Questions

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Question 14 of 34

Can we vary our income split for tax purposes?

My wife and I own a property as Joint Tenants as opposed to Tenants in Common. As Joint Tenants are we forced to split the income 50% / 50% for tax purposes or can we vary this. Due to our respective incomes it would be more advantageous if we could apportion all of the income to my wife.

Arthur Wellers replies:

In order to achieve what you want, i.e. more of the rental income to be taxed in your wife's name, you need to do two things. Firstly you need to transfer a corresponding proportion of the property into your wife's name, either by formal conveyance, or by deed of trust to transfer beneficial ownership. Secondly within 60 days you need to complete a Form 17 (http://www.hmrc.gov.uk/forms/form17.pdf) and send it into HMRC together with proof of the transfer. The result of this will be your being taxed according to the actual proportion of the ownership, and not on a 50:50 basis.

1 2 3 4 5 next » Tax Tips 1 - 10 of 48

Private Residence Relief and Working From Home(June 2010)
Stamp Duty Land Tax Tip(May 2010)
Reclaiming Your Class Four NIC(April 2010)
Tax Return Help Sheet for Negligible Value Claims(March 2010)
How to Qualify for Furnished Holiday Accommodation Relief(January 2010)
HMRC(December 2009)
Review Your Position In 2014(December 2009)
You Can Create a Tax Loss By Knocking a Building Down(November 2009)
Renovations and alterations(October 2008)
Do you have two properties that could be your main residence?(May 2008)

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