selling investment property <1yr - CGT payable?

D

dubinamerica

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Hi - we are planning on selling an investment property that we just closed on due to changes in our circumstances. If we sell within a year will CGT still be payable ? I know that there are rules for the first year being 'disallowed' but was wondering if this would be the case in this type of instance.
 
In that case I would have thought that CGT is payable, assuming you make a profit on sale. See this thread and others on 'flipping' (may not be the correct term here) for more info.

Your solicitor should be able to give a more definitive answer.

The '1 year' exemption only applies where you are selling your PPR and have lived elsewhere at the same time.
 
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