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Tax situation between cohabits
CJB42
Posts: 2 Newbie
in Cutting tax
My partner and I cohabit and we're currently looking for a house to buy but I'll be buying it solely in my own name with my own mortgage. My partner will pay half the mortgage and 50% of all household bills.
Will I be liable for tax on the payments my partner makes towards these costs?
TIA
Will I be liable for tax on the payments my partner makes towards these costs?
TIA
1
Comments
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No. Although If they die within 7 years there may be inheritance tax issues
Why are you buying it solely in your name? It opens up a whole host of problems in the event of, eg, death or break-up1 -
No tax issues, but your partner will gain a financial interest in the property if they are contributing to the mortgage.2
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Thanks.Keep_pedalling said:No tax issues, but your partner will gain a financial interest in the property if they are contributing to the mortgage.
Yep, no problem with that as we'll have a contract in place (notarised) for just that eventuality.0
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