How would a Trust work for grown up children and section 24?
10:29 AM, 5th June 2017, 9 years ago
2
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I have 8 buy to let’s which have interest only mortgages 0f about £480,000 producing an income of around 68k of course that’s gross without any agent fees repairs or interest.
Can I place them in a Trust for my 4 children.
Also will the section 24 still apply.
Children are 34 25 23 and 21.
2 are working. 1 is a house wife and 1 is a student
Any ideas on how to ease the effects of section 24?
Thank you
Pradip
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Member Since July 2013 - Comments: 1996 - Articles: 21
1:13 PM, 5th June 2017, About 9 years ago
Pradip
I recommend you talk to your accountant. By the sound of it, you can use a trust arrangement to mitigate income tax problems with s24 but it would be foolish of anyone on this forum to give definitive tax advice without knowing all your circumstances. You also need to ensure you do not trigger liability for CGT or SDLT.
Member Since July 2013 - Comments: 31
1:22 PM, 5th June 2017, About 9 years ago
Reply to the comment left by “Ian Narbeth” at “05/06/2017 – 13:13“:
Thank you.
Will take your advice