Ggt on investment property

My friend and I have been discussing the possibility of buying a property that needs renovation with a view to selling it afterwards, we both would have the skills to do most of the work ourselves, before we seek professional advice we would like to get a general idea to see if this could be a runner for us,
Am I correct in thinking that the profit minus materials stamp duty and professional fees can be deducted before calculating CGT? Would we file a joint declaration for cgt or seperate?

From what you propose, it sounds as if you will be trading. So any profit may well be subject to income tax at your top rate - possibly 52%. If it's a once off, it may be treated as a capital gain, rather than income.

But all those costs you mention are allowable before calculating the taxable profit or gain.

Brendan

Thanks for the reply,
so to do this on an ongoing basis the profits are ,just treated as income rather than Ggt, and we split the profit and each pay our own tax as income, is that correct?