Adding wife to my mortgage - Tax implications
|
  |
|
|
| Author |
Message |
wang
Apprentice
Joined: 09 Aug 2007
Posts: 4
|
 Posted: 05/03/09 - 06:47 Post subject: |
 |
|
| I have recently been thinking about taking a mortgage some time ago for certain amount of money and buying a flat. I was thinking of adding wife to my mortgage. However, I would like to know what are tax implications for it. If anyone could help, that would be great. Thanks in advance. |
|
|
Back to top
|
|
|
|
 |
rolf
Apprentice
Joined: 23 Aug 2006
Posts: 4
|
| Posted: 06/02/09 - 01:12 Post subject: |
|
|
| Getting a mortgage for new property is the most common way to do that transaction. There are several ways you can do that arrangement and the best implications you may get from it are if you do it the following way. After you buy a house, sign a declaration of trust, after which just two of you will be holding ownership. Also, you will have equal ownership over that house. The benefit is in the fact that you have not transfered your ownership, but that you have jointly arranged it, which in turn means you will have no stamp duty to pay. Although it is not the most demanding of taxes, you will still save pretty decent amount of money. Hope you find the info helpful. |
|
|
Back to top
|
|
|
|
|
|
| |
All times are GMT
|
| Page 1 of 1 |
Related topics: | |
|
|
