RE Original post-OP says they were going to rent it, so I assume they actually closed the sale at this stage and are not trying to flip the cntract.
Re: Capital gains tax
What about if you have contracted to purchase a property and sell before completing the purchase? Is CGT payable when you never actually owned the property?
I have a post up on this-see 'Flipping and Tax matters'. Would be keen to hear all your views both on the whether CGT or Income tax applies to gains from the sale of new, unregistered property (ie. selling on before completion). The goods (ie Property) are still new so;
(1) is there a VAT liability on the mark up? I think so-by the way
(2) if the contract is the 'goods', then CGT does not apply to profit from the sale of goods, but income tax does
(3) Is an option to purchase a property, that is then sold for profit before completion, not subect to income tax? i.e the asset was never owned.