Sale of house

Sale of house

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An individual has purchased a house from a relative (Uncle)with a view to renovate it, he will then sell this property and invest all of the profit he makes into another house which will be used as a holiday home.

Both houses are/will be in the UK.

Neither are/will be the main residence of the family.

What is the tax position and what tax planning can be done?
David Jarvis

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By ACDWebb
09th Feb 2006 15:28

Sounds like
the first one could be a trading venture (because his intention is to acquire it with a view to renovating & selling at a profit).

The second will probably be a CGT matter

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