HMRC Admin 10 Response

Hi Josh Hope
Thank you for your question.
You have advised that you understand how loan interest relief is now given.
As you know loan interest is now allowed as a 20% deduction against a customer’s overall tax liability.
It is no longer given as a deduction from the rental income.  
There is no other way the relief on loan interest can be given.
You can find further guidance at Tax relief for residential landlords: how it's worked out - GOV.UK (www.gov.uk).

Hi Saz Mo
Per previous reply, as you are the only one with a mortgage for your 50% share of the property and make all the mortgage payments you can claim relief for the mortgage interest against your share of the rental income.
Thankyou.

Hi pascal Pascal
Thankyou for your question.
However we can only answer HMRC questions.

Hi Manson2023
Thank you for your question.
There is no gain/loss on transfers between spuses but the recipient would be potentially libale to CGT on disposal.
If ownership is transferred to your wife  we would need to see evidence that she is now the sole owner and beneficially entitled to the whole income arising(eg a declaration of trust).
We are unable to offer financial planning advice so you may wish to speak to a financial advisor .
 

Hi Anita1967
Thank you for your question.
No HMRC do not need to see the trust deed unless we ask for it .