tax on investment property

[dedalus]

I currently own a house which is my primary residence, but i am thinking of trying to buy another house which i want to renovate and then either sell on or perhaps keep for rental purposes.
If i buy it for 400k and put 50k into it, and then finally sell it for say 550k, what tax would i owe on the whole deal. And is it better to do this as a personal project or should i set up a company in my name to carry out the work.

Any advice greatly appreciated.

 

[salmon2005]

HI,

The tax owed would be ,total cost between buying & fixing up €450k selling at €550k=profit of 100k capital gains tax at 20% so 20% of 100k= 20k ! Your net profit would 80k. As for the company idea it may be more tax efficent however i'll let the tax experts answer that one. Hope it helps!

Regards
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