Paul I’m buying a property with cash below market value and planning to flip it. It will be my first property and I will have myself down as my main residence but I do plan to sell it relatively quick. How long would I have to “live” their for to not get caught up with CGT or Income tax. I appreciate any response. Thanks
You will have zero capital gains tax liability on a property you bought and lived in for personal use. If it was a btl you're still only liable for profits over and above the first 12.5k profit.
EPC requirements, changing your mind on buying certain properties,
Paul I’m buying a property with cash below market value and planning to flip it. It will be my first property and I will have myself down as my main residence but I do plan to sell it relatively quick. How long would I have to “live” their for to not get caught up with CGT or Income tax.
I appreciate any response. Thanks
You will have zero capital gains tax liability on a property you bought and lived in for personal use.
If it was a btl you're still only liable for profits over and above the first 12.5k profit.