Hello,
I am buying a house for 121k for the sole purpopse of flipping it (hoping to make a profit of around 24k).
Would profits from this be classed as capital gains or as income tax?
I am currently not on the mortgage on the house i share with my partner and so am unsure as to whether to buy this new property to flip in just my name (and not have to pay stamp duty) or in both of ours if the profit would be classed as capital gains (so we would qualify for 24k allowance from us both yet have to pay second property stamp duty).
Any help would be much appreciated
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