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Article: How capital gains works on rental income
- Article from:
- The Sunday Telegraph London
- Article date:
- February 23, 2003
- Author:
CopyrightCopyright 2003 The Sunday Telegraph London. Provided by ProQuest LLC. (Hide copyright information)
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MY WIFE and I jointly own a house which is let unfurnished. The
property is registered as jointly owned and the tenancy agreement
names both of us as landlords. Next year we will be 65 and my wife's
state pension will cease. She will thereafter be unable to use her
full tax-free allowance unless all the rental income is declared as
hers. Is it possible to declare the rental income as hers without a
lot of hassle, possibly involving changing the registered ownership
of the house?
From the capital gains tax point of view, we should like to own
the property jointly. Is it permissible for the ownership and rental
income to be divided differently?
T Michael Jarvis
Sadly, no. If the property is in ...