Regarding tax you will pay stamp duty land tax on purchase. It is calculated by reference to the price.
Because you already own a property in the UK the purchase will be subject to the 3% surcharge (this applies to all subsequent property purchase as of April this year). On £350k the Sdlt, inclusive of 3% surcharge, is £18k.
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I have advised on the tax you pay on purchase, Sdlt.
On disposal you would potentially pay capital gains tax. In general, you take sale value less acquisition value and any allowable deductions (I.e professional fees, repair/maintenance expenses). Depending on circumstances, reliefs could be available to further reduce any tax liability. If there is still any profit it will be subject to cgt.