hi
i'm new on the forum and started doing some research recently. I would need your advices please.
I'm married and looking to buy my 1st buy to let property and I'm paying for the whole property.
I'm a high tax payer and when i die, i would like it to go to my wife.
I would like to reduce the tax on the rent (it's my 1st investment and giving nearly a half on something "risky" and new make me feel bad )
when i die, i would like it to go to my wife.
=> for no hassle (stamp duty or other), i am thinking about joint tenancy
I'm a high tax payer
=> i'm thinking about unequal beneficial interest (1%/99%).
DO i need a declaration of trust for that ?
Can i do a form 17 for that ?
i'm a bit reluctant about tenancy in common when i pay for the whole property...and finally only own 1%... when in joint tenancy at least i have legally the half.
MY concern : https://www.taxinsider.co.uk/1620-Joint_Property_And_Form_17_Practical_Points.html seems to say you can't do form 17 in joint tenancy !
is that correct ?
What would be your advice or recommendation in this situation please??
a tenancy in common, if wife dies, will i have to pay stamp duty on the 99% share or something like that ?
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