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Taxes on new build houses

Just built a bungalow was going to live in it but wifes decided to stay were we are so we have decided to sell would there be any taxes to pay on any profits

Asked on Aug 9 2014, Selling in Mansfield | Report content

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  • If you have never lived in it then there is probably capital gains tax to pay. If you have bought the land and built a new house on it then it may be more complicated, it may be seen as income rather than a capital gain. You need an accountant. "If you buy and sell property as your business you pay Income Tax rather than Capital Gains Tax on any profits you make from the property. This applies whether you are a sole trader or in a partnership. This may include a one-off purchase and sale of a property."

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    Answered on Aug 9 2014, Report content

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