House buying/renovation/selling........
 

Can anyone explain the tax implications if you were to buy a house (in
addition to the one you live in), renovate it and sell it for profit.

Thanks
Tony

House buying/renovation/selling........
 

Tony Hayes wrote:
Can anyone explain the implications if you were to buy a house (in
addition to the one you live in), renovate it and sell it for profit.



More money to buy bikes?

rgds
Malcolm

House buying/renovation/selling........
 

Tony Hayes wrote:

Can anyone explain the tax implications if you were to buy a house (in
addition to the one you live in), renovate it and sell it for profit.

Presumably posted to the wrong group?
Capital gains tax is,afaik, the only thing you'll be paying after any
profit.
You have an annual 'exemption' amount for CGT, and then over this amount
(£7000ish), the tax rate is the same as Income Tax I think.
Alan.
--
Change the 'minus' to 'plus' to reply by mail.
http://www.dvatc.co.uk off-road cycling in the North Midlands.

House buying/renovation/selling........
 

A.Lee wrote:

Tony Hayes wrote:

Can anyone explain the tax implications if you were to buy a house (in
addition to the one you live in), renovate it and sell it for profit.

Presumably posted to the wrong group?
Capital gains tax is,afaik, the only thing you'll be paying after any
profit.
You have an annual 'exemption' amount for CGT, and then over this amount
(£7000ish), the tax rate is the same as Income Tax I think.
Alan.

Thanks for this - yes I posted to the wrong group! I'm always doing it -
must be age related!

Apologies
Tony

House buying/renovation/selling........
 

Jinx wrote:

Tony Hayes wrote:
Can anyone explain the implications if you were to buy a house (in
addition to the one you live in), renovate it and sell it for profit.



More money to buy bikes?

rgds
Malcolm



Amongst other things ;-)

Tony

House buying/renovation/selling........
 

"Jinx" wrote in message
...
Tony Hayes wrote:
Can anyone explain the implications if you were to buy a house (in
addition to the one you live in), renovate it and sell it for profit.



More money to buy bikes?

But less time to ride if you are doing the renovation personally.
OTOH if you are using sub-contractors then you may need to ride more to
alleviate the stress.

Pete