I am hoping to gather some views on the best way to proceed.
I became an unexpected landlord when I moved house for a new job and was unable to sell my old house. I eventually changed remortgaged to a buy to let and now have successfully let my property for a couple of years. Both the property ownership and BTL loan are in my sole name. [I have since bought another residential property and I am happy for this one to be my PPR].
Due to accumulated losses incurred at the start of the period I am reaching the point where I will begin to make a net profit in the next financial year. The BTL has recently come out of a fixed period to a variable one and the interest has almost halved.
My spouse is not currently working and I am interested in transferring the income in order to utilise the personal allowance. I am a 40% tax payer. If I do this can we continue to record the BTL loan interest (which is my loan) as a deductible expense? The same applies for the buildings insurance although I have added my spouse onto the policy in this case. The loan interest is currently ~£2,640 pa.
I became an unexpected landlord when I moved house for a new job and was unable to sell my old house. I eventually changed remortgaged to a buy to let and now have successfully let my property for a couple of years. Both the property ownership and BTL loan are in my sole name. [I have since bought another residential property and I am happy for this one to be my PPR].
Due to accumulated losses incurred at the start of the period I am reaching the point where I will begin to make a net profit in the next financial year. The BTL has recently come out of a fixed period to a variable one and the interest has almost halved.
My spouse is not currently working and I am interested in transferring the income in order to utilise the personal allowance. I am a 40% tax payer. If I do this can we continue to record the BTL loan interest (which is my loan) as a deductible expense? The same applies for the buildings insurance although I have added my spouse onto the policy in this case. The loan interest is currently ~£2,640 pa.