Owner Occupier Now Becoming Landlord

[madmoe]

Hi all,
I am not sure if this is the correct place to post this, maybe it can be moved if not?

I am a co-owner of a property and have lived in the property just over 2 years now. We both want to go and do different things but have decided it would be unwise to try and sell our apartment in this current climate. We want to rent the whole thing out and hang onto it for another few years.

Tax wise are there any implications we should be aware of? One of us is leaving the country for a period the other will remain here and rent.

Any advise would be great.

Cheers,
M

 

[Gus2008]

If you were first time buyers and therefore received exemption from stamp duty, you may be liable for clawback of the stamp duty you would have paid if you rent out the property within 5 years from the date of purchase. For purchases dated on or after 5 December 2007 the clawback period is reduced to 2 years. Where a property was purchased before 5 December 2007 but was rented on or after that date, there will be no claw back of stamp duty relief if it is rented in the 3rd, 4th or 5th year of ownership.