J
Jack x
Guest
I recently received a gift of a site from my father. I am going to build what will be my first house on this site. I am considering 1 of 2 options at the moment (1) Sell the house when built if the price is right
(2) Live in it myself for possibly 2-3 years and then sell it on.
I want to find out the tax implications (if any) of this gift from both my fathers perspective and my own based on the fact that the house when built will be subsequently sold on.
What stamp duty would I be subject to after constructing this house? I presume I would then be charged CGT at 20% on my profits yeah? Anything else??
On the other hand, considering I occupied the house; Is there a minimum period I would have to live in what would be my principal private residence before I would be exempt from paying CGT when I actually sell the house?
(2) Live in it myself for possibly 2-3 years and then sell it on.
I want to find out the tax implications (if any) of this gift from both my fathers perspective and my own based on the fact that the house when built will be subsequently sold on.
What stamp duty would I be subject to after constructing this house? I presume I would then be charged CGT at 20% on my profits yeah? Anything else??
On the other hand, considering I occupied the house; Is there a minimum period I would have to live in what would be my principal private residence before I would be exempt from paying CGT when I actually sell the house?