15:42 PM, 1st August 2022, About 2 weeks ago 3
Hello everyone, My wife and I jointly own a holiday let in the USA. We have a small US Dollar mortgage but finance costs have risen sharply which looks set to continue with the Fed currently increasing interest rates on a monthly basis.
My wife earns around £7000 pa and I earn in excess of £50000 putting me in the UK high rate tax bracket. As I am unable to fully offset my share of finance cost due to Section 24 mortgage interest relief restrictions and my high rate income I was wondering if we could use a beneficial deed of trust to maximise tax efficiency?
We have already done this for a UK rental property.