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Buy to let and Capital Gain Tax advice

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Old 18-08-2006, 07:02 AM
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Join Date: Aug 2006
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Default Buy to let and Capital Gain Tax advice

I own my own house- no mortgage. I have cash available which I want to invest in a 2nd buy to let property over the next 10 years- then liquidate assets for my retirement. The rental market in my area is very saturated. I plan a mortgage of ?600 pm over 15 years, and rental of around ?500pm after tax and letting commission.
1. I'm in the 40% tax bracket, my wife is part time low income. Would it be wise to put property in wife's name to reduce tax bill on rent income?
2. Would the mortgage have to be in my wife's name as she would be 'owner'
3. I've seen some chats about bad letting agents and how to deal with bad tenants, is there a good letting agent federations / bodies or controlling guilds that I should look for in order to ovoid signing up with cowboys?
4. When selling the 2nd property in 10 years time, should I declare to Tax people the 2nd house is 'main residence' for my wife- in order to avoid Capital gains tax?
Thanks
Clayton
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