I would like to know what the tax position is for building a new house in my garden which I intend to sell as soon after building as is possible with the minumum amount of tax payable.
I am guessing at a profit of between £70k and £100k and I am a higher tax earner.
I think that CGT is payable - so would living in the new home for a year once it is complete(as my primary residence) and selling or renting my current house avoid the tax? If I then sell the new house after a year, would I avoid the tax?
I would appreciate whatever advice you might have on how best to manage this whilst minimising tax.
Regards
Chris
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