In 2013 I purchased a residential investment property in my own name that has been rented out since. I shall shortly be terminating the tenancy as the time has come to sell the property with vacant possession. When the tenants have moved out and before putting the property on the market for sale, some modernisation works will be required to make it a saleable family home - general modernisation works, new bathrooms, new kitchen, replace leaking conservatory with extension.
Can I clarify that the sale would be subject to CGT and not IT? I am thinking specifically in relation to me undertaking these modernisation works prior to sale, as I wouldn't want to be accused of being a property developer. and subject to IT. Any advice would be greatly appreciated.
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