Putting a property in my husbands name for tax relief?Make Text Bigger
Your help would be greatly appreciated.
I am currently an owner occupier and own one property only which I have owned for almost 3 years. I bought the property when I was single and I have since become married. I still own the property in my own name. My spouse and I put a deposit down on a second home which is not due to be complete until 2016. In the mean time, we want to rent our place out quickly to start saving some cash. I am a 40% tax payer yet by husband is a 20% tax payer. Am I able to gift the property to my husband (via a solicitor) and have the rent coming into his account ensuring that we only need to pay 20% tax rather than 40%?
If this possible, is there any effect on capital gains tax at all?
My mortgage deal is up in March so this would end and then we would do the transfer. Additionally, do you know if banks openly accept first time landlords with new properties in their name? I read that some can be funny for first time landlords if you have not had possession of the property for 6 months?
I would love your advice
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