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.


If the trade is buying and selling properties then there is no "capital
sale". It's just a sale - like a trade of buying and selling widgets.
but I have to say that is a rather misleading combination of "profit" .
The accountant was right (as Lobster has already posted). And FTAOD
buying and selling just one property with a view to a profit can be a
trade

--
Robin
reply to address is (meant to be) valid