Tax efficient property ownership outside a Ltd company?
I am keen to make use of my personal CGT allowances and maintain the flexibility of owning property outside a ltd company.
Is there a way for me to own the majority of a property, even though I am dependent on my wife’s salary to gain lending?
Many thanks
Richard
Editors note:
From our main Tax Planning tab >> https://www.property118.com/tax/
“If you are married, the first level of tax planning to consider is a restructure of your income to optimise all available basic rate tax allowances with your spouse (currently £45,000 each) and then to purchase any further properties in a company. The tax changes to mortgage interest relief will only affect you if your total taxable income (including mortgage interest) exceeds £45,000 a year. The Chancellor of the Exchequer confirmed in the 2017 Spring Budget Statement that this figure will increase to £50,000 by the year 2020. Restructuring income between spouses is achieved by changing the percentage of beneficial ownership of your rental properties.”
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Patrick Collinson has done it again!
Member Since September 2015 - Comments: 12 - Articles: 4
12:31 AM, 7th December 2017, About 8 years ago
I am curious as to the point of CGT annual allowance. Would you explain this. little more to help my understanding?
Member Since January 2011 - Comments: 12209 - Articles: 1408
1:39 AM, 7th December 2017, About 8 years ago
Reply to the comment left by Simon Misiewicz at 07/12/2017 – 00:31
Hi Simon
I cannot see any reference to annual CGT allowance, hence I cannot understand you question. Are you able to make your question clearer please?
Member Since April 2014 - Comments: 10
12:24 PM, 9th December 2017, About 8 years ago
Reply to the comment left by Mark Alexander at 07/12/2017 – 01:39
Could Simon be referring to the first sentence of the readers question? “I am keen to make use of my personal CGT allowances”