I have a number of buy to let properties that I hold personally, I have only ever bought and not sold. I purchased another at the start of the year which I planned to renovate (work carried out by a contractor) and let out. There was more work than I first thought and having now completed the work I am thinking it might be better to sell given the market value is favourable and rental yield low relative to this.
I have found a party that is willing to rent the property for a period of 6 months before buying it, and I have offered to return the rent paid as a gifted deposit at completion.
My question is will I pay CGT or income tax on profits from the sale?
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