tax on property development
i am buying some scabby land with tatty garages on them in a residential area.
these will be blitzed and a rabbit hutch put up and flogged for £loads.
obviuosly after obtaining all permissions.....
purchase cost is £20,000
building cost is £120,000
sales price looks like £170,000
all inc. legals etc.
so is the profit £30,000 taxed at top cgt rate?
or is there more?
what about VAT?