My wife and I own 2 buy to let properties with a declaration of trust stating I 'own' 1 % and my wife 'owns' 99%.
We aim to sell both in the next 3 to 4 years.
Do we need to alter this arrangement to maximise our tax allowances when it comes to:-
1 - Personal allowance, and
2 - lettings relief (we previously lived in one of the properties for several years)
eg if the 'gain' on selling is £100k are we allowed to split it 50/50 or will it still be the 99/1 ratio meaning I lose the opportunity to use my maximum allowances?
I hope that makes sense - thanks in advance.
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