X

Sign Up

or

By signing up I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Sign Up

Sign Up With Facebook, Twitter, or Google

or


By signing up, I agree to Property Tribes Terms and Conditions


Already a PT member? Log In

Log In

or


Don't have an account? Sign Up

Forgot Password

To reset your password just enter the email address you registered with and we'll send you a link to access a new password.


Already a PT member? Log In

Don't have an account? Sign Up

  • Tax

    Joint tenants or tenants in common

    Hi

    I am looking at buying my next property at auction and wanted to know the best way to purchase to split the income with my wife.

    I currently earn close to the higher tax threshold and my wife works part-time.

    I have had conflicting advice about whether I should purchase as joint tenants or tenants in common. I understand that I would need a declaration of trust set up to apportion 99% to wife and 1% to me and complete form 17 for the HMRC.

    If anyone has experience of this setup and what works please can you advise?

    Also, would this split affect our ability to remortgage in a few years time?

    Thanks

    Mike

    0
    0

    If you want any split other than 50:50 it needs to be tenants in common.

    1
    0

    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA

    I am not an accountant but was in the same situation few months ago .Myself being in higher tax bracket and wife not in work.So we did 95% and 5%. It will have no effect on remortgage thats what I was told !!!!!!!!!!! ) but will impact capital gains unless you change the equity again at that time depending on your financial situation.Rental income works great on this formula.

    1
    0