Stamp duty and tax for second property

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NoobLandlord
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Hello everyone,
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.
Do I:

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.

Many thanks

31/01/2017 15:18

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