Transfer of property title to wife for tax benefit?

the helpee

I have an investment property, with a mortgage, in my name.
I am paying 42% tax + 2% levy on the rental income from this property; after deductions of course.
My wife does not work. Is it possible for me to "assign" the rental income to her so we can avail of the reduced tax levels?
If so, does this require the mortgage to be transfered into her name or can we transfer the title only? via register of deeds?? Is this easily done?

cee_jay

This is not a State Benefits issue - moving to Accomodation & Property - sorry mods if this is the wrong forum.

Cookie_Monster

are you not jointly assessed for income?
surely you can transfer her tax credits to your income as married?

Victor

There are two things you can do:

1. Assign it to your wife.
2. Go for joint assessment - this doubles certain tax reliefs, but not you PAYE reliefs.

You will need to go through it in more detail to determine which best suits the circumstances.

the helpee

We are already jointly assessed, but as you say not all tax reliefs are transferrable, and her lower tax rate is not transferable either. So what I wanted to do was transfer the title.
Do you know what is involved in this process of transferring the title? How do I do it?

murphym7

the helpee wrote: »

We are already jointly assessed, but as you say not all tax reliefs are transferrable, and her lower tax rate is not transferable either. So what I wanted to do was transfer the title.
Do you know what is involved in this process of transferring the title? How do I do it?

I don't know if this sounds a bit like tax avoidance/evasion. Maybe not.

Cookie_Monster

murphym7 wrote: »

I don't know if this sounds a bit like tax avoidance/evasion. Maybe not.

tax avoidance is perfectly legal
evasion is not.

It sounds like tax efficiency to me.