Beneficial Trust to wife now tax is going to bite?Make Text Bigger
With restrictions mortgage tax relief coming in I will end up with income well over £100,0000. All my properties are currently in my name. Am I right in thinking I should make a declaration of trust giving my wife a proportion of my income and file form 17 to HMRC to do so.
I believe this is the easiest way to go about things. As the trust is with my wife rather than say a company reading between the lines it looks that it is best to keep it between us and HMRC and not inform mortgage lenders.
I appreciate that may be against their T&C’s but I believe it is common practice when trust is only between you and spouse. I presume SDLT is still payable on the loan secured on property and so therefore need to do before April so as to have zero liability.
Any advice greatly appreciated especially how common this is and whether mortgage company informed
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