Will I be OK when the new tac changes come in ?

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    Will I be OK when the new tac changes come in ?

    I currently earn £25000 from my job.I have 2 rental properties that bring in £12480 per year.I am thinking about buying another that would bring the total to £18720. £18720 plus £25000 is £43720. I'm I right in thinking as long as I am below the £46000 higher tax bracket I am OK and the new tax changes won't affect me ?

    #2
    I think your assessed Tax Band is the key, not your Income, which can vary. eg Benefit in Kind, net profit from property etc
    Govt can easily alter qualifying Income.

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    • Adding wife to BTL property
      ringzer
      In 2005 I bought a BTL property in London with an outstanding mortgage of ~£150,000 and a current market value of ~ £500,000. The apartment has never been lived in by me and my name alone is on the title deeds and mortgage.

      I would like to add my wife to the property, either 1) title...
      18-02-2019, 17:37 PM
    • Reply to Adding wife to BTL property
      Kape65
      Okay I can see the image now, however that is just asking how ownership is changing, it doesn't say they will allow it!
      20-02-2019, 17:23 PM
    • Reply to Adding wife to BTL property
      Kape65
      I don't seem to be able to view the image re option 1. I'm keen to know if it is possible to split ownership with wife without adding her to the mortgage.
      20-02-2019, 17:19 PM
    • Reply to Adding wife to BTL property
      jpkeates
      Option 2
      If your wife isn't on the mortgage, the transfer is a gift and there's no consideration and no SDLT.
      The gain from the point of transfer would be split.

      If there's no saving of income tax, there's no saving other than the CGT allowance (assuming there aren't any changes...
      20-02-2019, 12:24 PM
    • Reply to Adding wife to BTL property
      Kape65
      You're right, I remember that post. I agree that it's possible to do it but I feel if HMRC did take the time to view it then it could be classed as fraudulent, evading stamp duty and income tax.
      19-02-2019, 17:00 PM
    • Reply to Adding wife to BTL property
      jpkeates
      Beneficial ownership is a can of worms and HMRC aren't in any position to dispute what a married couple assert to be how they want to split the beneficial ownership, regardless of title.

      Someone posted on here a while back, and I made pretty much the same point (which was that the deed...
      19-02-2019, 16:35 PM
    • Reply to Adding wife to BTL property
      Kape65
      I always believed that a DOT was used because normal ownership of tenant in common property was automatically registered as 50/50 split when the true ownership may have been different i.e wife has put more money in or such. Surely to transfer a percentage to your wife and then use a DOT to claim that...
      19-02-2019, 15:24 PM
    • Reply to Adding wife to BTL property
      jpkeates
      Where property is owned as tenancy in common, the default presumption is that each tenant owns the property in equal proportions.
      But that doesn't have to be the case, the ownership can be shared in specified proportions, so 1% and 99%, or 60%:40% are possible.

      That split would normally...
      19-02-2019, 13:51 PM
    • Reply to Adding wife to BTL property
      Gordon999
      I think the solicitor may arrange a sale contract of 25% share in property from H ( seller ) to W ( Buyer ) at Nil price . but the Tax Office will say the consideration is 25% of mortgage loan for calculation the sdlt to pay.

      After the property is registered under the names of H&W (...
      19-02-2019, 13:30 PM
    • Reply to Adding wife to BTL property
      Kape65
      Is this possible (genuine question)? I understand the tenants in common bit but I thought you then needed a declaration of trust in order to change the proportions....
      19-02-2019, 13:04 PM
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