Property Gains Tax

Credit-Crunched

GDB2222 wrote: »

I think they would go for income tax, which would be miles more. Sunshinetours explained it very well.

How would they go for income tax on this, unless the property is being rented out and an INCOME is coming in I struggle to see the taxation on this basis.

CGT is based around taxation of substantial gains (less any fees or charges and PA of #10,600) i.e buy home for 150k sell for 200k 50,000 taxable gain.

Please can you clarify how income tax would be applied to this situation?

sunshinetours

Credit-Crunched wrote: »

How would they go for income tax on this, unless the property is being rented out and an INCOME is coming in I struggle to see the taxation on this basis.

CGT is based around taxation of substantial gains (less any fees or charges and PA of #10,600) i.e buy home for 150k sell for 200k 50,000 taxable gain.

Please can you clarify how income tax would be applied to this situation?

If HMRC decide that individual is operating a trade by buying and doing up properties for profit.

theartfullodger

Thanks for your kind and considerate comments!

To recap, you Sir stated

thanks for that, I guess the games up! might as well hand my self in now for asking a question which I've said I will not be doing. Obviously given bad advice which funny enough was the whole point of asking the question on here. Only person being unpleasant and arrogant is you mate so jog on !

I then merely quoted back, verbatim, your own words from posts hereabouts and was surprised & disappointed to find that you responded with..

ads2312 wrote: »

are you stalking me ? Looking up my posts all day ! you are one sad little person. Can you not tell from my posts that I like a bit of banter and a joke here and there! Internet hard men who's only friends are on a public forum. Really at your age you should get a life. Go back down you little hole now grandad.

Were you having a bad day at the office last Thursday?? All getting a bit too much for you “ life is becoming unbearable here“, even on a mere £60k a year?? Does posting on forums during normal office working hours help?? Do the Government thought police who monitor InterWeb usage already know about your posting habits – you know like “HMRC are stupid as are most government departments (I work in one)! “???

Re. being related no, don't think I'm your Grandfather, though I suppose it would be possible I'm your father – what made you think we were related??

I will leave it to others to judge the veracity of your statement ...

Only person being unpleasant and arrogant is you mate..

Cheers & best wishes to all, including those who disagree with me

Artful