Help with mitigating our tax position?
11:09 AM, 16th May 2017, 9 years ago
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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
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Member Since January 2011 - Comments: 12255 - Articles: 1477
11:24 AM, 16th May 2017, About 9 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/
.
Member Since September 2015 - Comments: 240 - Articles: 1
1:57 PM, 16th May 2017, About 9 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?