help!

romulus08

I recently sold my property and moved into my fiancee's home which needed a lot of updating. I spent about £30,000 on renovations/updates etc. Then my fiancee made a transfer of deeds into joint names for both of us. On the documentaion I stated that I had paid £30,000 into the property. does anyone know if that will have implications for tax for either of us? Shortly after that we took out a new mortgage in joint names on the property and used the extra money to pay off my partner's credit cards.

fengirl_2

No tax implications if the property is your only or main residence throughout the period of ownership.

romulus08

Thanks for your response. That is a big relief as I was starting to panic a bit. Do you know whether I need to declare it anyway on a tax return?

fengirl_2

What are you planning to declare? I cannot see any income being paid to you here.

romulus08

As I had stated in the documentation that the solicitor prepared for the deed of transfer that I had paid £30, 000 towards the house , I wondered if my fiancee would have to declare that.

fengirl_2

The £30k is not income for tax purposes. People buy houses together all the time - its a normal financial transaction.

romulus08

Thanks again - your help much appreciated!