Own a flat which I rent out wife and I rent a house. Tax buy to let query!
Posted: Sun Apr 15, 2018 10:39 am
So I bought a flat 8 years ago for 155,000 it's now worth 260,000 I lived in it for 5 years and then moved out when I got married and started renting it out. I remortgaged 3 years ago on a 5 year fixed rate buy to let mortgage. We continue to rent a house (flat down south renting a house up north). I would like to sell my flat but am concerned as it's a buy to let I will have to pay tax on it! Can anyone advise.
If I buy a second property up north (approx 120,000 and live I it. Should it be in my wife's name to save on extra tax? Or will I have to pay stamp duty?
Any advice greatly appreciated!
If I buy a second property up north (approx 120,000 and live I it. Should it be in my wife's name to save on extra tax? Or will I have to pay stamp duty?
Any advice greatly appreciated!