Interest restriction impact on high rate earners – Help?Make Text Bigger
My wife and I are both employed full time on basic annual salaries of £45k and £97k respectively.
We let out 14 BTL mortgaged properties (avg 65% ltv across the portfolio) generating an annual rent of £215k, expenses of about £50k and mortgage interest of £150k.
What options do we have to protect ourselves once the new tax rules come into force (appreciate it is over 4 years)?
We need about £7k per month after tax for our own living expenses. We have looked into the option of putting as much as possible into a pension and doing a declaration of trust to put 99% of all income towards the lower tax payer but that does not seem to prevent us from the tax bill going up massively.
We also have two kids under the age of three. Any chance we can use their personal allowances (if they get one)?
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