On Nov 13, 3:34*pm, "David WE Roberts" wrote:
"Stephen" wrote in message

...

On Tue, 13 Nov 2012 09:18:34 -0000, "David WE Roberts"
wrote:

In either case the last three years of ownership did not count.

So if you intend to sell within three years, you don't really need to
include your partner as you will be CGT exempt anyway?

How soon after buying it can you sell and attract CGT rather than
income tax? 6 months? A year?

Not sure that we are on the same idea here.
I don't think you have the option to chose between income tax and CGT - it
should be income tax on the sale or income tax on the rental income.

There are two seperate tax regimes - renovating property and renting
property.

What I think happens is:

If you buy to do up and sell then it doesn't matter how quickly or slowly
you sell any profit is treated as income and CGT doesn't come into it (but
see below).

If you buy to rent then (apart from the time you spend doing the place up)
you should not have any liability for CGT when you sell.

It's not as simple as that. Everything hinges on which is your "main
residence". Relief from CGT for a property that has been let is
limited to £40K and only applies if the property has been you main
residence at some time. Any period as "main residence" is exempt. Also
if make it your main residence before selling you can extend that
period to cover the last 3 years before the sale.

There are various ways for a property to become your "main residence"
but simply living there may not be sufficient for HMRC. You need to
nominate it within two years of purchase, or show intent, e.g., by
getting on the electoral roll at the new address, etc., ...

MBQ