House Building

[Brat]

My cousin and I have bought a site and are building a house to sell. Will we be subject to CGT or Income Tax? (We have registered with Revenue as a partnership and for VAT)

 

[Ham Slicer]

My cousin and I have bought a site and are building a house to sell. Will we be subject to CGT or Income Tax? (We have registered with Revenue as a partnership and for VAT)

What did your accountant tell you?

I can't believe you've gone this far and are now asking the question, will your profits be taxed at 20% or 41%, not to mention the other issues.

 

[Brat]

The accountant says Income Tax, but I thought property came under the CGT net?

 

[Ham Slicer]

The accountant says Income Tax, but I thought property came under the CGT net?

You are trading - so it's income tax