Reduce UK income tax by transferring buy to let property to a spouse 

I am pleased you found it useful

I think you have already captured all of your options to reduce CGT

We have not done when yet but that sounds like a great idea

@@Simon-Misiewicz-US-UK-Taxes Im not british I don't reside in uk i only rent my property there. If I try to do a online self assesment as a non uk residential oversea landlord seems like im not allowed. Seems like I don't have to do it. Am I correct?

Please contact HMRC on +44 135 535 9022

@@Simon-Misiewicz-US-UK-Taxes thank you for your reply. I did, is over a year I try to contact them, yesterday I was put through back and forward few time between the self assessment dep and the oversea landlords because none would know the answer. As a non UK resident do I have to do a self assessment? the replay was "I beleive so" but if am trying to do it online there is no option (once I get in my account there is no way to go forward cos I would need the UK passport, which I obviously do not have) that make me think I do not have to fill any tax return. Apology for the long message. This is really frustrating also because I phone from abroad and is not cheap.

@@6labi4 You will need to pay tax on UK income. You should report and submit a tax return. If you are Italian or have a UK passport you will get the standard personal allowance. Tax is due if your net profit in one year exceeds the £12.570 personal allowance

Couples will both pay the 3% SDLT when buying a subsequent property because they are married.

@@Simon-Misiewicz-US-UK-Taxes thank you for your reply

Accountants are not tax specialists and vice versa. Their qualifications and focus are very different. For example chiropodist wouldn’t deal with back pain. Bad example I appreciate but the notion works

@@Simon-Misiewicz-US-UK-Taxes agree but the fact remains that the public see chartered accountants as someone who gives advice on tax but reality is far from this ! The profession hide behind their perceived expertise

A date of trust can certainly help with tax planning

Do get some tax advice from your accountants on this one. SDLT may apply. Her income tax will also be affected by the profits now made in her name. You need to put in legal documents in place and potentially HMRC forms

If you are receiving rental income and you make a loss or a profit, it is often better to do a tax return. This is to demonstrate to HMRC that you have documented your income and expenses for tax purposes. If you have losses, you will be able to carry them forward to offset against future profits.

@@Simon-Misiewicz-US-UK-Taxes Really appreciate the swift response ! Thanks!

Always welcome 🙏

This is correct. Please see this videoru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-2A4T8o6mqxo.html

Hi @Sylvia 81, I was wondering if you have managed to transfer your rental income as you were hoping? I'm in the same situation, but there is conflicting information on whether I need to change to Tenants in Comment (change the ownership structure) before Declaration of Trust and form 17. If you have managed to change the split of your rental income, please could you confirm whether you had to change to Tenants in Comment (if yes how) and was there any objections from the lender? Many thanks in advance.

@@alighasemi3417 Hi if you have filled the app as tenants in common you don't need Dec of trust only form 17. Dec of trust is applicable if you have property as joint tenants, so this will change into tenants in common.

Spot on

@@sylvia8112 Thanks for your prompt response. we own the property as a Joint Tenant. To be clear, there is no need for severance of joint tenancy, using the Land Registry Form SEV? a number of conveyancing websites are suggesting this as the first thing to update the Land Register title using Form SEV. We can include this in the Declaration of Trust instead of completing the Form SEV form?

Good reason to get married 🤩

You do need to ensure that you don’t change the mortgage debts to avoid SDLT

@@Simon-Misiewicz-US-UK-Taxes many thanks 🙏

You’re welcome

@@Simon-Misiewicz-US-UK-Taxes do you mean increase my existing mortgage or change the mortgage debt by splitting it 50/50% with my wife? I have no plan or changing the mortgage value if that makes sense

@@Simon-Misiewicz-US-UK-Taxes Thought husband need Not worry about SDLT if moving mortgage debt from husband to wife

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