G
gilly1
Guest
Hi, I hope someone can offer some advice.
My brother and I bought a house in 2005 as first time buyers, but due to work I had to move away so am renting myself. My brother moved home due his circumstances changed and we are renting out the house since Jan 2008. My brother is planning to move back into the house in the future maybe in another year. We have not claimed any interest relief even though I am sure my brother is entitled due he did live in the house for 2 years.
My question is as the Stamp Duty clawback was changed in Dec 2007 and we rented the house after this would the 5 year clawback still apply to our situation? and also if we decide to sell the property in a few years after my brother moves back in would we still be liable for Capital Gains Tax?
I appreciate any comments, thanks...
My brother and I bought a house in 2005 as first time buyers, but due to work I had to move away so am renting myself. My brother moved home due his circumstances changed and we are renting out the house since Jan 2008. My brother is planning to move back into the house in the future maybe in another year. We have not claimed any interest relief even though I am sure my brother is entitled due he did live in the house for 2 years.
My question is as the Stamp Duty clawback was changed in Dec 2007 and we rented the house after this would the 5 year clawback still apply to our situation? and also if we decide to sell the property in a few years after my brother moves back in would we still be liable for Capital Gains Tax?
I appreciate any comments, thanks...