Buy to let Income on property held as tenants in common

[Skents]

My husband and I own 5 fully mortgaged properties as tenants in common. He is a 40% tax rate payer. I let and manage the properties but have no other income. We make a small profit at the moment. With the new legislation coming in, in 2017 concerning no longer being able to offset the full interest only payments against the rental income we will be pushed into a significant loss making situation (and that's without any interest rate rise). We intend selling the lowest yielding property, however, is there any way I can be assigned a higher proportion of the income from the properties?

I read a thread from 2009 about gifting a larger proportion of the properties from husband to wife. Can this be done after purchase? There was also mention of CGT implications, but there was a suggestion that income could be split disproportionately but CGT could be kept at equal shares.

Can anyone help with this?

[JB3000]

My husband and I own 5 fully mortgaged properties as tenants in common. He is a 40% tax rate payer. I let and manage the properties but have no other income. We make a small profit at the moment. With the new legislation coming in, in 2017 concerning no longer being able to offset the full interest only payments against the rental income we will be pushed into a significant loss making situation (and that's without any interest rate rise). We intend selling the lowest yielding property, however, is there any way I can be assigned a higher proportion of the income from the properties?

I read a thread from 2009 about gifting a larger proportion of the properties from husband to wife. Can this be done after purchase? There was also mention of CGT implications, but there was a suggestion that income could be split disproportionately but CGT could be kept at equal shares.

Can anyone help with this?

If you can afford 5 properties you can afford an accountant.........jog on..............

Seriously though, assuming you both have different % ownership in the property you can write a letter to HMRC to elect to be taxed (for IT and CGT) based on actual % ownership (rather than the default 50:50 basis)

[unixman]

A well worded inquiry, but it seems to have has nothing to do with this forum or contracting in general. I am not sure why you have joined simply to post this unrelated question. A BTL forum might be a better bet.

For example UK Property Forum for Buy to Let Landlords - Property118.com

[ASB]

Deed of trust. Form 17 could be relevant searcy terms. You are probably out of time to vary the income fom the tic ownership. However you could consider changing the beneficial ownership to reflect ownership how you want the ental dispersed. You cwn do not his underneath the mortgage. Again by deed of trust.

yo could also consider the management arrangements of the property by one party heing paid for the effort they put in.

all dependson your own circumstances cumstances, but they Ahoghill migh give you the ability to search for a bi more infor relevant to yours.