My 2 sisters bought 2 houses some years ago - they are jointly owned.Both mortgages are in joint names.One house was bought for £37,000(punts) - mortgage almost paid off.The other cost £120,000(punts) - there's €90,000 outstanding on that mortgage.
Both houses are rented and all expenses and profits are shared equally.Both girls do not reside in either house.
Each sister now wishes to take ownership of one of the houses.They have decided which house is going to who. Question - will stamp duty have to be paid and how much? and will capital gains have to be paid and how much?
The girls contacted Revenue - they said they'd pay a lesser amount of stamp duty because they were siblings- they did'nt how much - they were told to look at the web site which wasn't very helpful for this particular situation.Any ideas out there?