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Quote request from an individual in NG5

Created on
Fri 24 October 2014 6:21am
Region
NG5
Type
Individual
Hi.
I live in Hong Kong and am invovled with two properties in Nottingham, where I am originally from.
One is owned jointly between my brother and I, on a tennants in common basis. We purchased in 2009 for 85k, it has a mortgage of 72k outstanding on a capital repayment mortgage at 1.05% over base lifetime traker.
The other is a flat that is owned solely by my brother as he purchased it from the right to buy scheme with the council for around 18k in 2011. I provided some funds from cash an took a loan for the remaining amount to finance, and our intention is to move the property in to joint names in the future.

My brother used to live in the flat and in the house with his family at different points, but both are now let out with rental incomes of 450 and 350 approx respectively.

I need to understand what tax is due and how to settle this.
I am happy to cover any tax my brother owes also.
Suggestions as to how best to operate this going forward are also welcome.

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