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HELP. Which do I need... Deed of Assignment / Declaration of Trust, Transfer of Equity ?!?!?!?
Ceerobbo81
Posts: 2 Newbie
Hi folks, hope everyone is staying safe. Hoping you can share some love and help my confused head with the below...
I have 2 x BTL properties, tenanted and have mortgages on them. I am in the higher tax bracket. My missus is in the lower bracket.
All I want to do is utilise her lower tax bracket to reduce the income tax these BTL's attract. I have approached a financial advisor who loosely advised its probably not worth it, and then I asked 2 solicitors specialising in conveyancing, one said I need to do a deed of assignment - which simply keeps the mortgage and ownership in my name, but the income from the properties get assigned to my wife, so get declared on her tax return - simple. Another said I need to do a declaration of trust, but didn't give an explanation. I have also heard about doing a transfer of ownership / equity - but that might attract stamp duty.
Im extremely confused haha, hoping someone can help the best / easiest / lowest cost way of doing this
Thanks
Craig
I have 2 x BTL properties, tenanted and have mortgages on them. I am in the higher tax bracket. My missus is in the lower bracket.
All I want to do is utilise her lower tax bracket to reduce the income tax these BTL's attract. I have approached a financial advisor who loosely advised its probably not worth it, and then I asked 2 solicitors specialising in conveyancing, one said I need to do a deed of assignment - which simply keeps the mortgage and ownership in my name, but the income from the properties get assigned to my wife, so get declared on her tax return - simple. Another said I need to do a declaration of trust, but didn't give an explanation. I have also heard about doing a transfer of ownership / equity - but that might attract stamp duty.
Im extremely confused haha, hoping someone can help the best / easiest / lowest cost way of doing this
Thanks
Craig
0
Comments
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You married?
0 -
May I recommend you have a google for Property 118.
Its a very helpful website for landlords (and tenants), and has a service that will sort this out for you.1 -
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YesComms69 said:You married?0
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