Chris Law

Registered with Property118.com
Monday 26th January 2015


Latest Comments

Total Number of Property118 Comments: 2

Chris Law

9:33 AM, 27th January 2015
About 6 years ago

Capital Gains on flip and reinvestment

Reply to the comment left by "Mark Alexander" at "27/01/2015 - 09:12":

Hi there,
Many thanks for that.
If I were housed in a rental, then only owning the next ongoing project which wouldn't be mortgaged, would this then mean any new profit raised from the property would not be taxable?
Thanks.
Chris... Read More

Chris Law

20:31 PM, 26th January 2015
About 6 years ago

Capital Gains on flip and reinvestment

Hi there,
I hope this is the correct place to leave a comment.
I'm looking for some advice.
I bought my current main residence 14 months ago. In this time I've carried out extensive renovations, increasing the value of the house significantly. I'm hoping to remortgage in October this year to release around 30k, to buy a small flat or further renovation project to turnaround in a few months, then sell to make some further profit.
Would this proposed profit on the flat be taxable, and if so is there an idea of how much tax would be liable? Roughly speaking, I was hoping to buy something around 30k and sell at around 45k following renovations.
Many thanks.... Read More