Question
Private shared ownership between husband and wife..?
I have just read that if you and your spouse is on different tax rates and want to buy a property to let, when you sell it the tax liability is lower if you share ownership as opposed to jointly owning it.ie. husband+wife=100% ownership Vs husband 50% wife 50%-lower tax liability. Is my understanding correct? How does this then work? Should a husband and wife get separate mortgages? and Put shared ownership on the deed of the property? I'm thinking of the most cost efficient way of doing this.
1 month ago - 2 answers
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I suggest you visit the HMRC web site and work it out for yourself .. Most "news"paper Reporters are technically ignorant and their grasp of anything involving numbers is tenuous at best .. if they have any qualifications at all, it will be a Degree in 'media studies' .. any Tax advise they give is typically related to the Self Employer (ie themselves) and often wrong ...
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by Steve B
1 month ago
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usual way is be tenants in common. That way you each own half of the house and can each dispose of their half ,, via wills etc, as they wish , It is a legal matter to set this up .. cost me about £150 to be done .
by knownout- 1 month ago