Stamp duty and tax for second property
I would like to ask a question regarding the taxation for a second property. Here is an example: I am planning to by a house for around £70,000 to renovate and sell on. This is obviously lower than the stamp duty threshold.
A) Still have to pay the extra 3% stamp duty since this is not my first property
B) Do I declare any profit as income tax or capital gains tax. Note this is the first time I do a renovation+sell (flip) project.
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