first time buyer renting out house

[miriammary]

Hi, I bought my house in 2006 and have lived in it since then. As I was a first time buyer there was no stamp duty and I got TRS as a first time buyer. I now, within the next 6 months will need to move due to work with no possibility of selling it so I'll be renting out. I'd like to know if there are are any penalties after this amount of time re stamp duty or TRS??? or would I need to have been living in it longer to have no penalties? Thanks

 

[peteb]

No. you should be fine to move out now with no claw back on stamp duty. Budget changed it a few years ago. you will have to give up your TRS though as you are no longer entitled to it when renting out the property.

 

[LDFerguson]

you will have to give up your TRS though as you are no longer entitled to it when renting out the property.

...but you will be able to claim 75% of the mortgage interest as a deduction against your rental income in order to reduce your liability to tax on the rental income. See this leaflet.

 

[miriammary]

Thanks