Help with mitigating our tax position?

by Readers Question

11:09 AM, 16th May 2017
About A year ago

Help with mitigating our tax position?

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Help with mitigating our tax position?

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



Comments

Mark Alexander

11:24 AM, 16th May 2017
About A year 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 A year 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?


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