Help with mitigating our tax position?

Help with mitigating our tax position?

11:09 AM, 16th May 2017, About 7 years ago 2

Text Size

Our BTL mortgage is currently in joint names. As a higher tax payer, I am looking to mitigate my tax costs going forward but am confused as to whether a Declaration of Trust would work in our scenario?

What options are available to us?

My husband pays tax at 20%. Plus what would the CGT implications be as the property was once our family home. We lived there for 9 years, renting it out in Mid-2012.

Any advice is welcome.

Natasha


Share This Article


Comments

Mark Alexander - Founder of Property118

11:24 AM, 16th May 2017, About 7 years ago

Hi Natasha

A Declaration of Trust is the way forward, please see the link below for further details ...

https://www.property118.com/declaration-of-trust/93073/
.

Alison King

13:57 PM, 16th May 2017, About 7 years ago

Hello Mark. Is it always necessary to fill in a declaration of trust even if it's the first time a property is declared for tax, and even if the purpose and outcome is not anything to do with reducing tax liability? Can't the property just be declared on one persons tax form and left off the other?

Leave Comments

In order to post comments you will need to Sign In or Sign Up for a FREE Membership

or

Don't have an account? Sign Up

Landlord Tax Planning Book Now