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Where Taxpayers and Advisers Meet

Bought /Sold

Flipper 66
Posts:2
Joined:Sat Aug 25, 2018 8:32 pm
Bought /Sold

Postby Flipper 66 » Sat Aug 25, 2018 8:56 pm

I became unemployed and bought a property with my savings 4 months ago .I moved in and refurbished it and i am now in the process of selling it .Do i have to pay tax on any profit from this experimental venture ?
Thanks Flipper 66

bd6759
Posts:4262
Joined:Sat Feb 01, 2014 3:26 pm

Re: Bought /Sold

Postby bd6759 » Sun Aug 26, 2018 9:37 am

Yes. It sound like a venture in the nature trade.

maths
Posts:8507
Joined:Wed Aug 06, 2008 3:25 pm

Re: Bought /Sold

Postby maths » Sun Aug 26, 2018 4:22 pm

Income tax not CGT.

Flipper 66
Posts:2
Joined:Sat Aug 25, 2018 8:32 pm

Re: Bought /Sold

Postby Flipper 66 » Tue Aug 28, 2018 5:21 am

I am now thinking of taking this up as my full time employment . Will future properties be taxed the same way ?

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Bought /Sold

Postby AGoodman » Tue Aug 28, 2018 2:25 pm

Yes


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