I’m thinking of going into buying and selling property on a part time basis but want to understand some basics before I go any further. I have previously renovated 3 properties in the past 4 years but have never had to worry about tax as I have lived in them. I’m looking at buying a second property to buy and sell but not live in it (due to twins on the way!), hence the tax advice.
The first situation I have thought of is if me and my partner sold our current house and she brought a property in her name and I brought another in my name would I be able to claim PPR or would HMRC click on if I’m moving every 4 months?
The second more straight situation is if I go self-employed. I believe if I buy the property, rent it for 6 to 12 months and then sell it I would have to pay CGT? Whereas if I buy and then sell straight away its classed as a trade and therefore income tax is applicable?
If I have to pay CGT am I able to offset any non-capital expenditure against the rental income or not as the work will be carried out before being rented?
If I have to pay Income Tax can I claim all renovation expenditure?
Thanks in advance!
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