Hoping someone can help. We have recently sold a second property which was owned for 3 years as a BTL, but never actually let (long story).
We expect to pay CGT on this.
We have just taken on another property which needs full renovation. At this stage we don't know whether we'll end up living there or sell once finished. If we sell, will this be subject to CGT or income tax?
If deemed as income tax, is the "Taxable Gain" still calculated in the same way? i.e -
Taxable Gain = Sale price - Purchase price - Purchase costs - Refurbishment costs (improvements) - Selling fees
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