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House buying/renovation/selling........

Started by Tony Hayes · · Last activity · 7 posts · 493 views

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01 / Original postHouse buying/renovation/selling........Tony Hayes · 1 Nov 2003 02 / This pagePosts 1–7Page 1 of 1 · chronological order 03 / Latest replyPost #7Dirtylitterboxo · 1 Nov 2003

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Original section
UK and Europe
Published
1 November 2003
Last activity
1 November 2003
Original author
Tony Hayes
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7
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493
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  1. Original post
    Tony Hayes
    Archived post
    #1

    Can anyone explain the tax implications if you were to buy a house (in addition to the one you live
    in), renovate it and sell it for profit.

    Thanks Tony

    Report
  2. Jinx
    Archived post
    #2
    Tony Hayes said:

    Can anyone explain the implications if you were to buy a house (in addition to the one you live
    in), renovate it and sell it for profit.

    More money to buy bikes?

    rgds Malcolm

    Report
  3. A.Lee
    Archived post
    #3
    Tony Hayes said:

    Can anyone explain the tax implications if you were to buy a house (in addition to the one you
    live in), renovate it and sell it for profit.

    Presumably posted to the wrong group? Capital gains tax is,afaik, the only thing you'll be paying
    after any profit. You have an annual 'exemption' amount for CGT, and then over this amount
    (£7000ish), the tax rate is the same as Income Tax I think. Alan.
    --
    Change the 'minus' to 'plus' to reply by mail. dvatc.co.ukdvatc.co.uk off-road cycling in the
    North Midlands.

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  4. Tony Hayes
    Archived post
    #4
    A.Lee said:
    Tony Hayes said:

    Can anyone explain the tax implications if you were to buy a house (in addition to the one you
    live in), renovate it and sell it for profit.

    Presumably posted to the wrong group? Capital gains tax is,afaik, the only thing you'll be paying
    after any profit. You have an annual 'exemption' amount for CGT, and then over this amount
    (£7000ish), the tax rate is the same as Income Tax I think. Alan.


    Thanks for this - yes I posted to the wrong group! I'm always doing it - must be age related!

    Apologies Tony

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  5. Tony Hayes
    Archived post
    #5
    Jinx said:
    Tony Hayes said:

    Can anyone explain the implications if you were to buy a house (in addition to the one you live
    in), renovate it and sell it for profit.

    More money to buy bikes?

    rgds Malcolm


    Amongst other things ;-)

    Tony

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  6. Peter B
    Archived post
    #6

    "Jinx" <[email hidden]> wrote in message "]news:[email hidden]...

    Quoted message said:
    Tony Hayes said:

    Can anyone explain the implications if you were to buy a house (in addition to the one you live
    in), renovate it and sell it for profit.

    More money to buy bikes?

    But less time to ride if you are doing the renovation personally. OTOH if you are using
    sub-contractors then you may need to ride more to alleviate the stress.

    Pete

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  7. Dirtylitterboxo
    Archived post
    #7
    Quoted message said:

    Can anyone explain the tax implications if you were to buy a house (in addition to the one you live
    in), renovate it and sell it for profit.

    Thanks Tony

    Yes ;-)

    Cheers, helen s

    --This is an invalid email address to avoid spam-- to get correct one remove dependency on fame &
    fortune h*$el*$$e**nd***$o$ts***i*$*$m**m$$o*n**s@$*$a$$o**l.c**$*$om$$ do not post my correct 1 on
    *any* public forum - thanks

    Report

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