Hi
I wonder if anyone can help me.
I took out a mortgage on our own property with my wife during the tax year 2014/2015. The proceeds were used to purchase a BTL and I understand that the interest will be an allowable deduction for that particular year. However we bought the BTL in not only our names but also in the names of our 2 children so the deeds etc. are in all 4 names.
My question is when we prepare our tax returns for 2014/15 any profit will be split 4 ways but our profit will be less as the mortgage interest I believe should be divided equally between myself and my wife. Is it possible to divide the mortgage interest so that it is split 4 ways rather than 2 and if we do would it be deemed as a gift and therefore in the event of either of us passing away be a charge to IHT.
Thanks
GD
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