Have Tax Questions? Ask a Tax Expert for Answers ASAP
Thank you Keith.
Before you go to me questions below, I just want to clarify that we will invest through company not under individuals names.
When you mentioned stamp duty 4%, is it because its commercial?
How much is CGT if applicable on us?
If we become classified as trader, what will be Income tax?
But still one thing not clear, if we bought mixed use property for 4.5 million and refurbish it by 1.5 million then sale it after 18 months for 8 million, what will be the tax percentage on profit (after all expenses and exemption if any)?
The company's CT liability on this transaction would be 8m - 6m (4.5 + 1.5) and CT at 21% would apply.
Thank you for your support.