19:00 PM, 30th May 2017, About 4 years ago 7
I’ve got five buy to let properties all in my sole name which I’ve had for around 6 years and they are mortgaged on an interest only basis. Due to the change in mortgage tax relief and the fact that I’m a 40% tax payer earning around £100k a year I’d like to transfer the income from the properties over to my wife.
We have been married about a year and she has no income.
This would keep me under the £100k earnings and I’ll keep my income tax allowance and gain us 20% extra mortgage tax relief.
What’s the easiest way to achieve my goal?
A declaration of trust to give my wife 99% of the income?
I understand if we remortgage in my wife’s name I’ll have to pay 3% stamp duty which obviously I want to avoid.
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