FTB Staff Mortgage - Benefit in Kind Tax

mrandmrs100

Hi all,
I'm after some advice.
Myself and my wife work for a well known bank and we have remortgaged from nationwide on to a 0.5% staff concessionary mortgage and have almost halved our mortgage term.
Contacted hmrc and they seem confused and have no guidance on how to amend our tax codes as we are jointly benefitting.
Our mortgage is 155k so should our tax codes be amended so that we are liable for half the mortgage each, therefore splitting the benefit in kind?
The man I spoke to was unsure and wanted to amend them both based on this figure but my thinking is that as a couple it would seem they are basing our tax on a mortgage of 310k?
Hope this makes sense, any advice would be welcomed before I consider jumping to the svr rate...

Goldiegirl

It might be worth having a word with your HR/wages dept. At the end of the tax year, they have to submit the P11D, with details of all your taxable benefits. Ask them whether the benefit for the mortgage is to be split between the two of you, or whether it is to be allocated to just one of you. This is the information that the tax office will use to calculate the tax codes.

To my mind it would seem wrong for the tax office to tax you both on the full value of the taxable benefit - as you say, you'd pay double the tax on the benefit.

One word of advice - always carefully check your tax code notification, and your payslips - if the situation is even slightly out of the ordinary, if seems the tax office find it difficult to understand and randomly make changes in error at any time in the year!

mrandmrs100

Thanks Goldengirl, will get on to them today