Hi,
I am in the process of purchasing my first development property and would like some general advise to keep me on the straight and narrow when the tax man comes knocking. My intention is to property trade, my wife is currently not working and I would like to take advantage of her tax allowance should we make any profits. I was wondering if the following was possible:
Me becoming the legal owner and my wife becoming beneficial owner via declaration/deed of trust. If this is possible ? Am I correct in assuming that any profit made from the sale of the property would be classed as my wife’s income and thus allowing her to use her tax allowance ?
If the above is correct, at what time would I need to draft the declaration/deed and what wording should it include ?
Is there anything else i need to consider ?
Any response is greatly appreciated.
I am in the process of purchasing my first development property and would like some general advise to keep me on the straight and narrow when the tax man comes knocking. My intention is to property trade, my wife is currently not working and I would like to take advantage of her tax allowance should we make any profits. I was wondering if the following was possible:
Me becoming the legal owner and my wife becoming beneficial owner via declaration/deed of trust. If this is possible ? Am I correct in assuming that any profit made from the sale of the property would be classed as my wife’s income and thus allowing her to use her tax allowance ?
If the above is correct, at what time would I need to draft the declaration/deed and what wording should it include ?
Is there anything else i need to consider ?
Any response is greatly appreciated.