Transferring BTL to my Wife

[Ceerobbo]

Hi folks.

I am a 40% rate tax payer and my wife is 20% rate so I am under the impression it would make sense to transfer my BTL property to her to reduce overall tax.

The mortgage is out of its fixed rate term in May so need to get sorted soon.

Do I need a solicitor to do this transfer of ownership or is there an easier way where I can avoid solicitor fees?

And are there any negative tax implications of doing this TFR of ownership?

Thanks muchly

Craig

[theartfullodger]

People are sometimes surprised how common divorce is.

Artful: on 3rd marriage

[jpkeates]

You should discuss this with a solicitor specialising in family law.

I would hope that they would advise sharing the ownership and setting up a trust to split the income in a tax efficient way.
Your wife would need to be part of the mortgage arrangements and you should make sure your wills are set up sympathetically to the new arrangement.

You definitely shouldn't DIY and the solicitor will explain the implications (hopefully).
Don't forget that this will also require notifying the tenant (something family solicitors often forget, because it's outside their area of expertise).

[Ceerobbo]

Thanks so much