Transfer of standard rate bands

J

JoeRoberts

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My wife has no earned income but we share taxable rental income on a joint property. Revenue are taxing her rental income at our marginal rate of 40%. Should it not be at 20%?.
We are jointly assessed and the income is recorded under the spouse section in form 12.
It looks like they are not transferring the band above 53k for unearned income ?.
 
JoeRoberts said:
Can she not have income taxable at 20% that would bring us up to 88k @20% jointly ?
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Yes she can. I confused this in my last post.

Did you return a printed form 12?
You might be better off registering for income tax and returning online form 11.

The tax calculation is instant and any mistakes on the form can be rectified before the form 11 is submitted.
 
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Did the online form 12 and got statement of liability. It shows the 2 incomes but then combines the 2 into one total.
Would have assumed the calculation is automatic but maybe Revenue do it manually and made an error. I'll query it but thanks for clarifying .
 
So could there be situations where it's better to not claim the home carer's tax credit in order to be able to avail of the increased married SRCOP?
 
ClubMan said:
So could there be situations where it's better to not claim the home carer's tax credit in order to be able to avail of the increased married SRCOP?
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Yes. When you file your tax return, the more beneficial option will be applied.
 
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