My husband and I are considering a transfer of property (between ourselves) for the purposes of a legal property settlement. I understand that there is no stamp duty payable when transferring property between spouses in the event of marriage breakdown.
I would like to transfer our investment property to my husband. However, he will need to pay me out some additional funds (around 40K) to me. My question is?
If he borrows additional funds against the investment property to pay me out my share, will the interest on that additional borrowing be tax deductible for the future? He will be continuing to hold the IP, earn rental income etc in his own right
Thanks
I would like to transfer our investment property to my husband. However, he will need to pay me out some additional funds (around 40K) to me. My question is?
If he borrows additional funds against the investment property to pay me out my share, will the interest on that additional borrowing be tax deductible for the future? He will be continuing to hold the IP, earn rental income etc in his own right
Thanks