I wonder whether this is an appropriate tax mitigation strategy:
BTL valued 90K with 70K mortgage, owned by Husband alone. Husband HR tax payer, wife LR tax payer.
1. Transfer equity to wife (50%) in one tax year with no moneys changing hands. Since her mortgage share (the chargeable consideration) is half of the mortgage, so 35K, no stamp duty is due.
2. Next tax year, further transfer 50% with no moneys changing hands. Again as chargeable consideration is under 40K, no stamp duty is due.
Is this an allowable strategy?
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