14:35 PM, 23rd January 2019, About 3 years ago 4
Background is that we are looking to buy a new residential property and retain our current property as BTL. I work and am hitting 40% tax, my partner has no income.
Reading the forum (excellent BTW) I can see that setting a declaration of trust up would enable us to use her tax free allowance.
However, we are currently looking at 12,800 of stamp duty due to the +3% on purchase of a 285k new home. Reading through the forum I feel there is a route to relieve that +3% through perhaps say a limited company route.
Our intentions are to grow the portfolio as when we can from our rental income, slow to start with but hopefully move to a position where property rental becomes our primary income for retirement.
What I am looking for is some initial observation as to if there is a tax planning route to relieve the +3%, what are the timescales involved in setting these things up, including can it be done in retrospect (i.e. we complete a standard mortgage route then sell the LTB to the limited company and claim back the +3%?)
Will happily head down the formal consultation route if there is a path to achieve a better tax & stamp duty position.
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