Declaration of Trust and Allowable ExpensesMake Text Bigger
Hello, I am the legal owner of a buy-to-let property with a mortgage. We have just welcomed a child and my wife is no longer employed and I would therefore like to submit a declaration of trust such that she will have to submit a tax return and pay tax on the profits from the Buy to Let.
My questions are:
1) As the mortgage is in my name only, my assumption is that the mortgage interest relief cannot be claimed by my wife – is that correct?
2) Are the other allowable expenses (agent fees, service charge etc.) allowable on her tax return – my assumption is yes, but would like to check.
Thanks in advance
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