Remortgaging my home for buy to let in joint ownership – tax situationMake Text Bigger
I am remortgaging my own home (of which I have sole ownership) to buy a buy-to-let, which I am thinking of putting in joint names with the good lady (wedding in May) – as she is a 20% tax payer and I am a 40% tax payer, this offers some tax efficiency in the long run (as well as I think, twice the CGT allowance to play with when we dispose of the property?)
My question is, does putting it in joint names NOT affect the way in which the mortgage interest is allowable as a deductible expense? I.e. is it immaterial that the mortgage on my home is in my name only, and that has raised funds for our joint venture…
Is the treatment simply all income, minus all expenses, divide by two (assuming 50/50 share) ?
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