Transferring my share of our buy to let to my wife to save taxMake Text Bigger
My wife and I jointly own one buy to let property that is mortgaged. We have had the property for 6 years.
With the new tax changes coming in it is highly likely that my earning wills be pushed in to the higher tax bracket because of or buy to let investment within the next year or two. This will have further impact on our family finances as it will impact on our ability to claim child benefit.
My wife on the other hand works part time and earns about £17,000 per annum. She is therefore unlikely to reach the higher tax bracket with her earnings.
Is it possible for me to transfer my share of the buy to let property to my wife to save on tax? Would we have to then pay stamp duty on the transfer? What would we need to do it terms of the joint mortgage and also title deeds of the property, and how much is this likely to cost in fees?
The mortgage is on a tracker and so we are able to change this. Our other concern was whether my wife would be able to qualify for the buy to let mortgage on her part time wage?
Any advice would be much appreciated.
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