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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4340
Experience:  FCCA FCMA CGMA ACIS
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I want to quit my job and refurbish my house then sell it and

Customer Question

I want to quit my job and refurbish my house then sell it and keep on buying and living in one house at a time my partner is on the mortgage as we'll but she will still work what are the tax implications and why is the best way to go forward
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello, I'm Keith and happy to help you with your question.

Despite the fact that each successive house is your sole or main domestic residence HMRC may class your activities as property trading. You only need to do this once to be so classed. In that case your profits on sale will be taxed as Income Tax as opposed to Capital Gains Tax (CGT). This would have serious repercussions on your finances as under the CGT regime your sole of main domestic residence would usually be entitled to Private Residence Relief from CGT.

You should take professional advice from a trusted, local accountant before taking this rather extreme change in your livelihood.