Joint Tenancy and tax implications
We are trying to sell our domestic property with no success and are thinking about renting the property out. I own other buy to let's solely in my name but wanted to find out whether the amount of tax paid increases when x two salaries are taken in to consideration. I will provide a worked example. I should receive an income of £14k from the property and we both receive an income from employment of £50k each. Collectively we have an income of £114k, do we pay tax at the higher rate for the property or does it work 50:50 so the incomes are £57k ea and taxed at 40% ? In principle do we pay more tax by keeping the property in both names or do we benefit from changing the property to just one name? Thanks in advance.
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