Regarding if I'll have to pay some sort of tax and my property

[georgewoodley]

Hello there,

I brought my house in March of 2016 which I then knocked down and rebuilt a new build. I spent till Christmas of 2017 till I was able to move in so I moved out of my parents and into my property that was now liveable, I've managed to get everything done and got my completion in November of 2018, I was thinking about selling it about April time next year so that would mean I've owned it for around about 3 year and I've actually lived there for a year and 4 months if I was going to sell it in April that is. This is my first house and my only property. What I was wondering is if I sell my property will I be taxed in some way on it or is that only when you have a second property as this is my first house and main residence?

Thanks

[bd6759]

You could be liable to income tax on the profits in the same way as any other house builder is.

It will all depend on the precise facts.

[AGoodman]

I believe (but others know better than me) that a lot turns on intent. If a relatively swift sale was always likely to be part of the plan then it seems likely to be income tax - therefore no PPR.