I'm looking for advice on the tax implications of selling my only home, which I am in the process of renovating.
I bought my first house in 2013 and renovated it to a high standard while living in it, without any real intention of selling it. A few years later I wanted to move to somewhere larger due to family changes, and sold it earlier this year at a decent profit. I moved into a larger house which also needed a large amount of work, and have almost finished renovating it while living in it, and I anticipate if I sold it I would make a good profit again. I'm concerned about the caveat in relation to selling your main home that you wouldn't be exempt from tax when selling a house if you "bought a home for the purpose of renovating it and selling it on." I haven't expressly done this, but the profit I would make if I decided to move in the next year or so would be decent.
How could it be proven that you sold a house simply to make a profit? There is no mention in any documentation I've read about the length of time you need to spend in a property for it not to be considered a purchase for profit situation, nor any mention of the frequency of moves over X amount of years. I lived in my first house for three and a half years and expect to live in my current house for at least 18 months before moving on.
I hope this makes sense. As I say, I have only owned one house at a time and have lived in both throughout any works I've undertaken to make them comfortable.
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