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Where Taxpayers and Advisers Meet

flipping a hosue

UpTheOwls88
Posts: 2
Joined: Wed Mar 11, 2020 11:16 am

flipping a hosue

Postby UpTheOwls88 » Wed Mar 11, 2020 11:22 am

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

darthblingbling
Posts: 332
Joined: Wed Aug 02, 2017 9:09 pm

Re: flipping a hosue

Postby darthblingbling » Wed Mar 11, 2020 2:40 pm

Income

UpTheOwls88
Posts: 2
Joined: Wed Mar 11, 2020 11:16 am

Re: flipping a hosue

Postby UpTheOwls88 » Wed Mar 11, 2020 3:15 pm

Thank you! so if classed as income tax would i be better off buying in my name soley so as to not pay second property stamp duty?

maths
Posts: 7891
Joined: Wed Aug 06, 2008 3:25 pm

Re: flipping a hosue

Postby maths » Wed Mar 11, 2020 9:36 pm

By "partner" do you mean you are married, in a civil partnership or just a co-habitee?


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