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Capital gains tax?

  • 26-05-2006 1:04pm
    #1
    peterwilson
    Closed Accounts Posts: 90 ✭✭


    Hi
    I and my brother own a house together.
    We both moved out and rent out the house.
    I now claim mortgage relief on my new house.
    My brother still has his mortgage relief in 'our' house.

    When we sell will we have to pay capital gains tax?
    If so is there any way around it?

    thanks
    P


Comments

  • #2
    chump
    Closed Accounts Posts: 3,807 ✭✭✭chump


    What you're interested in is PPR relief, principle private residence.

    I'm not sure how it affects joint-owners, as in are you assessed together or seperately and do you both make seperate claims etc. But the jist is that, you will not get the relief if it is not your PPR. You've been renting it since ownership - so won't get it.

    Now there are many other facets to your question.
    Is your brother assumed to be still living there?
    Is the rent paid declared for tax?
    How was owndership transferred to you originally?
    You really need to ask a specialist... try the kids on askaboutmoney.com


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