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renting property - how to save tax

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Sandie11
Sandie11 Posts: 116 Forumite
Part of the Furniture 10 Posts Name Dropper Combo Breaker
Hi
I have been thinking of putting a deed of trust against our rented property showing I own1% and my husband 99% as I am a higher rate tax payer and my husband lower.
I need to know if this is really worth it as yes I would save tax however this may look suspicious to the inland revenue, especially as all the income would simply be put into one account.
After all expenses I reckon the profit would be £6000 then split 50/50 if we jointly owned it (we are just going through getting the property)

Any advice appreciated

Thanks

Comments

  • chrismac1
    chrismac1 Posts: 2,585 Forumite
    If the costs of doing this are less than the tax savings - and it looks like they are - then it makes sense to me. If you were my client I'd be making sure it was the right step, that you were confient about your husband's total financial position and that sort of thing.
    Hideous Muddles from Right Charlies
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