Hi all
I'm new to this forum so please be gentle.gif)
Background
I am sole owner of a BTL property (which is mortgaged).
I plan to assign 99% of the beneficial interest to my wife via a Declaration of Trust to use up her tax liability. I am a high-rate tax payer and she doesn't work.
I'll still be the legal owner.
Now my assumptions are as follows....
My questions
Happy to hear of any other things to watch out for if I have misunderstood anything.
I look forward to reading your comments.
I'm new to this forum so please be gentle
.gif)
Background
I am sole owner of a BTL property (which is mortgaged).
I plan to assign 99% of the beneficial interest to my wife via a Declaration of Trust to use up her tax liability. I am a high-rate tax payer and she doesn't work.
I'll still be the legal owner.
Now my assumptions are as follows....
- The mortgage lender doesn't need to know about the declaration of trust, as it's only for tax purposes
- I don't plan on having any restrictions on the title as it's only for tax purposes, so Land Registry doesn't need to be notified
- It is a simple document that is only required to send to your accountant
My questions
- Are my assumptions above correct?
- Who is the best person to produce this document? A solicitor or an accountant (or even DIY?)
- For those that have done it this way, have there been any complications further down the line, maybe when it comes to remortgaging?
Happy to hear of any other things to watch out for if I have misunderstood anything.
I look forward to reading your comments.
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