Basic tax planning for couple?Make Text Bigger
I understand that the first level of tax planning to undertake is a restructure of our income to optimise all available basic rate tax allowances with my wife, we married on 26/05/06. (Currently these are £45,000 each).
The tax changes to mortgage interest relief will not affect us, as our four flats are mortgage free (Feb 18).
Our joint total taxable income (no mortgage interest will be claimed for 2018/9) is less than £90,000 a year. Note-figure will increase to £50,000 each by the year 2020 (2017 Budget).
Property 118 says that: Restructuring income between spouses is achieved by changing the percentage of beneficial ownership of your rental properties. Also, that it only costs £250 + VAT for each property to do this. Is it really that cheap and simple?
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