New SDLT Rules Can Help Smaller Landlords
8 years ago | 25 comments
Joint Tenants vs Tenants in Common (split 50:50)
8:02 AM, 9th April 2018, 8 years ago
13
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I own a BTL property (higher rate tax payer) but am in the process of transferring part of it to my wife (basic tax payer) for tax purposes
Is there any real difference between “Joint Tenants” vs “Tenancy in Common split in equal shares”?
I know the difference between Joint Tenants vs Tenants in Common but for tax purposes I cant see the difference between the two.
If I wanted to give my wife a higher % of the property then obviously it would be tenants in Common but as I’m not does it make any difference (from a tax perspective).
Thanks
Landlord77
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Member Since January 2011 - Comments: 12193 - Articles: 1395
9:03 PM, 14th April 2018, About 8 years ago
Reply to the comment left by Dr Rosalind Beck at 14/04/2018 – 20:01
It’s perfectly safe, ask any Conveyancing solicitor
Member Since September 2013 - Comments: 374
7:22 PM, 16th April 2018, About 8 years ago
I’m not quite sure how to phrase this but I’ll give it my best shot.
What happens to a property if portions of it have been transferred to others (adult children for example) using a deed of trust and the original owner becomes bankrupt?
Can the bankruptcy administrators force the property to be sold?
Can they place a charge against the property against the day that it is eventually sold?
Member Since January 2011 - Comments: 12193 - Articles: 1395
8:23 AM, 17th April 2018, About 8 years ago
Reply to the comment left by Badger at 16/04/2018 – 19:22
The trustee in bankruptcy would have the ability to unwind any transactions if it was felt they had occurred to disadvantage creditors.