BTL mortgage - adding second owner
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caronoel
Posts: 908 Forumite
in Cutting tax
I am a 45% taxpayer, while Mrs C pays standard rate, and I currently own a small portfolio of buy to let properties which are largely mortgage free.
I am thinking about transferring 90% of the ownership of the portfolio to my missus. Value of portfolio is approx £2m, with a mortgage of approx £100k.
I understand that there will be a small amount of SDLT payable on the transfer of equity.
My query is this... If I increase the mortgage total at the point of TOE, is the increased mortgage payment allowable against income tax? I would be remortgaging to invest in a VCT.
I am thinking about transferring 90% of the ownership of the portfolio to my missus. Value of portfolio is approx £2m, with a mortgage of approx £100k.
I understand that there will be a small amount of SDLT payable on the transfer of equity.
My query is this... If I increase the mortgage total at the point of TOE, is the increased mortgage payment allowable against income tax? I would be remortgaging to invest in a VCT.
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Comments
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Can anyone advise?0
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as an additional rate taxpayer, with an existing BTL, and looking at relatively sophisticated investment alternatives such as VCT, you should be taking professional advice from someone who is paid to give it and is covered by professional indemnity for what they sayCan anyone advise?0
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