"Man at B&Q" wrote in message
...
On Nov 14, 2:09 pm, "tim....." wrote:
"Man at B&Q" wrote in
...









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

Not correct

Letting relief is limited to 40K

That sounds like relief "for a property that has been let"

but there are other reliefs you can claims
as well.

Specific to letting?

they don't need to be specific to letting to make your statement "Relief
from CGT for a property that has been let is limited to £40K" to be wrong
(due to ambiguity), and that is the mistake that you are making here

tim