refurbishment of own home

Postby muppett on Sun Jan 08, 2006 10:53 am

hi wonder if anyone can help, my wife and i brought our house in jan 2005, which needed modernising.we have done almost all the work ourselves, and moved in sept 2005 (it was unihabitable until then), the work is still on going, i have taken a year out to do the work myself, also some time off and travelling.
my usual occupation is a self employed plumber.
we brought the house originally as a BTL, but decided to live in it ourselves. we also have 2 other BTL properties.
i know there wont be any CGT when its sold, (as its our main residence) in approx 2 years when we plan to emigrate, but will there be any income tax issues, (assuming it made a profit) when sold as i havent been earning ? my wife has also spent a lot of time working on it, whilst between temping jobs.
thanks in advance !
muppett
 
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Postby adelante on Sun Jan 08, 2006 3:26 pm

As you have not been renting it out and are not receiving an income then no income tax can be paid :)
adelante
 
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