FOAK: Renting and Taxes

AIUI if I were to rent a property, the income generated I would have add
onto my salary and pay income tax based on that amount - correct?

Would it be legal for me to own the property but to have it
'landlorded' by a common law partner, who had a lower initial income and
no ownership of any part in the property?

Obviously for the reason that less of the total amount would be taxable
since declaring it as my income would push me into a higher tax bracket
but not if it is declared as hers.

My questions to the font would be;

a) Is there any benefit, i.e. paying less tax to doing it in this manner
or am I missing something here.

b) Is it legal.

Comments, considerations and witty retorts welcomed.

 

Stoneskin wrote:

I don't think you can claim benefit on the strength of this

Was it witty?
Well?

Be generous or I'll stay until I come up with something witty
(and I've got all day)

 

Well, you'll have to declare it on your tax return, yes.

A letting agent has to deduct tax for you, unless the IR tell them
they don't have to.

No.

 

Dunno.

Try phrasing the question differently and in English. Then ask again.

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ColonelTupperware
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Mike left a note on my windscreen which said:

I was being generous.

 

Colonel Tupperware left a note on my windscreen which said:

Which one?

 

It was somewhere around Barstow, on the edge of the desert, when the

Look into the first 3000 quid of rental income being tax-free, afair.
Check with an accountant.

--

Dave

GS 850 x2 / SE 6a
SbS#6 DIAABTCOD#16 APOSTLE#6 FUB#3
FUB KotL OSOS#12? UKRMMA#19 COSOC#10

 

You can offset the mortgage interest against the rental income.

I believe this is possible.

Yes.

 

It's what my agent told me in March, and why I had to get declare
myself Non-Resident in the UK.

 

Isn't that under the "let a room" scheme?

 

I think you're right.

I also forgot that you can offset 10% of the rent for expenses.

If you've a mortgage on two properties it makes sense for the rental one
to have the largest mortgage to minimise the apparent profit from
letting so the tax implication is minimised.

 

uh huh. Times have changed, then.

I hate it when that happens

 

You should be used to it by now.

 

I'll never get used to it.

 

It was somewhere around Barstow, on the edge of the desert, when the

Quite possibly - I had some notion it applied to all rental income for a
small landlord [1], bicbw.

[1] You have to be under 5'2" to qualify.

--

Dave

GS 850 x2 / SE 6a
SbS#6 DIAABTCOD#16 APOSTLE#6 FUB#3
FUB KotL OSOS#12? UKRMMA#19 COSOC#10