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Where Taxpayers and Advisers Meet

buying & selling property & capital gains allowance

bakerpro
Posts:1
Joined:Wed Aug 06, 2008 3:43 pm

Postby bakerpro » Thu Sep 28, 2006 4:12 am

if a sole person trades in properties and buys and sells 2 or 3 a year. Will he lose his capital gains tax allowance.

hashman
Posts:1277
Joined:Wed Aug 06, 2008 3:31 pm

Postby hashman » Thu Sep 28, 2006 4:31 am

Depends on circumstances but prima facie it seems likely they would be liable to income tax not CGT on their profits.

AndyLevett
Posts:28
Joined:Wed Aug 06, 2008 3:38 pm

Postby AndyLevett » Thu Sep 28, 2006 7:18 am

Almost certainly Income Tax, especially is you refer to the activity as trading!

Bob Jones
Posts:268
Joined:Wed Aug 06, 2008 3:43 pm

Postby Bob Jones » Thu Sep 28, 2006 2:14 pm

If you trade in properties and you buy and sell 2 or 3 a year you are trading.

Bob Jones
Internet Taxation Ltd
bob@internet-taxation.co.uk


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