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Where Taxpayers and Advisers Meet

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

georgewoodley
Posts: 2
Joined: Wed Dec 19, 2018 10:44 pm

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

Postby georgewoodley » Thu Dec 20, 2018 6:26 pm

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
Posts: 3069
Joined: Sat Feb 01, 2014 3:26 pm

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

Postby bd6759 » Fri Dec 21, 2018 1:18 am

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
Posts: 770
Joined: Fri May 16, 2014 3:47 pm

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

Postby AGoodman » Wed Jan 02, 2019 2:24 pm

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.


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