Hi all,
My wife and I own a property in my name only, which we have now been letting for 2 years.
As I'm just reaching the 40% tax bracket, and the mortage is about to end (in May), we would like to transfer the property to both our names.
This should reduce our income taxes, as she is still well into the 20% bracket.
Assuming we do it before 5th April 2013, will the transfer affect taxes for the whole year 2012-2013, or will it be approportioned to the number of days where both our names are on the deeds?
(I'm trying to figure out if it's worth paying off the mortage early).
Thanks a lot, and happy new year!
My wife and I own a property in my name only, which we have now been letting for 2 years.
As I'm just reaching the 40% tax bracket, and the mortage is about to end (in May), we would like to transfer the property to both our names.
This should reduce our income taxes, as she is still well into the 20% bracket.
Assuming we do it before 5th April 2013, will the transfer affect taxes for the whole year 2012-2013, or will it be approportioned to the number of days where both our names are on the deeds?
(I'm trying to figure out if it's worth paying off the mortage early).
Thanks a lot, and happy new year!