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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11563
Experience:  30 years as a practising solicitor.
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I'm married with one child. My husband owns the property we

Resolved Question:

Hi, I'm married with one young child. My husband owns the property we are living in currently, but we are looking to adding me onto the mortgage. One of the questions the mortgage adviser asked was whether I wanted to have my name added not only to the mortgage but the deed (ie ownership of the house). We think that make sense but want to check what would be the tax implication in the future? I currently work full time, have no properties or any mortgage.Many thanks & regards,
Pam
Submitted: 28 days ago.
Category: Law
Expert:  JGM replied 28 days ago.

Thanks for your question. You are always better to be on the title if you are sharing the mortgage. There are no tax implications at all if you both continue to live in the house. If, in the future you stopped living in the house, say because you wanted to rent it out, then you would save capital gains tax on any disposal as you would both have an annual personal allowance to set off against the gain rather than only one of you having such an allowance. So in that type of situation it is advantageous for both of you to won the property. At present there are no tax implications at all. I hope that helps. Please leave aposotove rating so that I am credited for my time.

Customer: replied 28 days ago.
Thank you very much for the reply, understood re the capital gain tax aspect, is the argument the same when it comes to inheritance tax? (we have one child). Many thanks again & regards,
Pam
Expert:  JGM replied 28 days ago.

Again it doesn’t matter as there is no inheritance tax between husband and wife and on the second death the unusued position of the first deceased’s allowance is carried forward so the maximum allowance is potentially £650,000.

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Customer: replied 28 days ago.
thank you!