Joint Tenants vs Tenants in Common (split 50:50)

by Landlord77

8:02 AM, 9th April 2018
About 3 years ago

Joint Tenants vs Tenants in Common (split 50:50)

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Joint Tenants vs Tenants in Common (split 50:50)

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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Comments

Mark Alexander

21:03 PM, 14th April 2018
About 3 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

Badger

19:22 PM, 16th April 2018
About 3 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?

Mark Alexander

8:23 AM, 17th April 2018
About 3 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.

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