Stephen wrote:
accountant who said that if I did this, the sale will be considered
income and I will have to pay income tax on the profits.

Bollox. It's income regardless of where the income comes from, but
the income from the sale of property is a capital sale, and garners
capital gains tax. If you want to be a landlord, make a concious
decision to be a landlord, don't do it by default or as a stop-gap
between buying and selling.

Capital Gains Tax is paid on the profit from a capital sale, that
is the sale price minus the purchase price minus all capital
investment (refurbishment and improvement, not running repairs)
minus a CTG allowance for each owner.

For example, if you buy a property for £60K, spend 60K refurb'ing
it, and sell it for £180K that is: 180K - £60K - 60K - 10K allowance
equals 50K taxable. The tax rate you pay is determined by adding
that 50K to your other income for the tax year. The income tax
band that puts you in determines the GCT band you pay. If the
50K plus your other income puts you in the lower income tax
band you pay 18% CTG on the 50K. If the 50K plus your other
income puts you in the top income tax band you pay 28% on
the 50K.

He also said that it would be best to get my other half involved
because any profits would then be offset against two personal tax
allowances, rather than one.

The other party has to legally be a co-owner on the deeds and
mortgage, you can't just "assign" a share to them.

We are not married (I think that makes a difference tax-wise).

Only if you're chosing to die before you sell it.

The only thing holding me back from purchasing a suitable house is not
knowing whether to put both names on the mortgage or whether just to
buy and borrow in my name.

If it's only in your name, you are the sole owner, and all tax
liabilities
are solely yours. If you want more than one person to be liable to
tax then the other person(s) must be named on the mortgage and
title deeds and be also liable to pay the mortgage and have rights
to the property.

What do you think about the let vs. sale route? Which would you
do/have you done?

Decide what you want to do. Do you *want* to be a landlord or do
you want to property refurbishment?

JGH