BTL Property Held Jointly

BTL Property Held Jointly

Postby Odecar on Thu Feb 02, 2012 12:33 am

I have a BTL property for many years before marraige and since marrying my wife has stumped up quite a bit of cash where we have acquired a decent portfolio of BTL properties.
My wife is a foreign national and not living here long enough prior to marraige or have income here which would have enabled her to get a BTL mortgage (jointly or solely on own) so I have taken them all out in my name.

What is required to ensure HMRC take account in tax returns that the property is held jointly rather than taxed individually ?

Thanks
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Re: BTL Property Held Jointly

Postby King_Maker on Thu Feb 02, 2012 7:52 am

Declaration of Trust and file Form 17 with HMRC?
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Re: BTL Property Held Jointly

Postby pqtaxation on Thu Feb 02, 2012 10:43 am

King_Maker wrote:Declaration of Trust and file Form 17 with HMRC?


I'd add .... "for each property separately".

Read another live thread to understand how legal ownership can remain with you but beneficial interest, which determines how income and capital gain on sale are apportioned between spouses, can be changed by declaration of trust to reflect your actual share of equity in each property and/or your individual tax profiles.

http://www.taxationweb.co.uk/forum/passing-ownership-to-wife-prr-relief-and-cgt-implications-t37073.html
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