?renting out after 6 years ownership

[maggot]

I'm a Dubliner but live and work in Belfast where I rent a place and am paid & taxed in UK. I have for a couple of years rented out my house in Dublin under the rent-a-room scheme since i was back and forth a bit.

Here's the problem. I have moved North now more permanently and need to up my rental income past the E650 rent-a-room limit to going rate. I want to switch to the full house rental as non-resident.

Issue now is - I heard you had to own your house for x years (maybe 5 ?) to NOT be liable for paying stamp duty of purchase price and I'm also worried about CGT or UK income tax implications. I bought the house jointly in July 1998 and solely in Mar '99. I think I'm considered officially as non-resident given that I don't pay tax in the south?

What's the best way for me to rent out the house to maximum given the tax implications?

Many thanks for any help on this!

 

[ClubMan]

I'm a Dubliner but live and work in Belfast where I rent a place and am paid & taxed in UK. I have for a couple of years rented out my house in Dublin under the rent-a-room scheme since i was back and forth a bit.

If, as seems to be the case, the Dublin property is not your principal private residence then you should not be availing of the rent a room scheme and doing so may constitute tax evasion.

I want to switch to the full house rental as non-resident.

What do you mean by "switch" in this context?

I heard you had to own your house for x years (maybe 5 ?) to NOT be liable for paying stamp duty of purchase price

Where a property originally purchased as an owner occupier is rented out within five years of purchase (other than under the rent a room scheme where this legitimately applies) then a clawback of stamp duty applies.

If I was you I'd get professional advice on my tax/residency situation and the legitimacy or otherwise of having availaed of the rent a room scheme to date.