We have two properties owned by my wife and myself which are both let (we rent our primary residence).
These we're both jointly owned with mortgage and were transferred from Joint tenants to Tennants in Common at 99/1% in favour of my wife being the lower tax payer. The was done via severing the original tenancy and a declaration of trust and form 17 to HMRC.
The was handled by a local solicitor.
I've recently read somewhere that potentially SDLT might have occured here (due to the mortgages) and if it didn't the apportionning of the expensies (ie interest) - should still be split 50/50 rather than 99/1. Does the income allocation automatically follow the expenses? My accountant thinks so but he's not a property specialist.
Is this correct?
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