Hi
I am just wondering if anyone knows if there would be any tax implications in relation to the following situation
I currently own a home. I am looking at moving house but the property I am looking at are looking for a quick sale and not a chain and my house isn’t for sale yet. I would have the cash to buy the property. The property I am looking at purchasing requires a lot of renovation. Ideally I would like to purchase the new property with cash, immediately start to renovate it and sell my own home in a couple of months. This would save me renting during renovations. Or worse case but the new house with cash and immediately put mine on the market. Would there be tax implications doing this? Or is there a period of time that I would have to dispose of my original house without incurring any tax.
Thanks in advance.
I am just wondering if anyone knows if there would be any tax implications in relation to the following situation
I currently own a home. I am looking at moving house but the property I am looking at are looking for a quick sale and not a chain and my house isn’t for sale yet. I would have the cash to buy the property. The property I am looking at purchasing requires a lot of renovation. Ideally I would like to purchase the new property with cash, immediately start to renovate it and sell my own home in a couple of months. This would save me renting during renovations. Or worse case but the new house with cash and immediately put mine on the market. Would there be tax implications doing this? Or is there a period of time that I would have to dispose of my original house without incurring any tax.
Thanks in advance.