Capital Gains on flip and reinvestmentMake Text Bigger
Firstly excellent forum, thank you.
We recently purchased a property and refurbished it to a high standard to let out. Due to sudden rise in house values in our area we decided to flip it and make a profit.
We exchanged contracts last Friday and we’re completing next week.
The total proceeds from this property are going straight into another property that will be let out.
Question is; will I be liable now for any tax of any kind if full value plus more is going straight into another property?
There is no mortgage involved.
I appreciate seeking professional advice etc., but if it’s a simple answer, ha ha, that might not be necessary.
Thanking you in anticipation.
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