Income Tax

[Spartacus84]

If I buy a house (which will be my only house) and sell it after say 2 months making profit, will I have to pay tax on the profit??

If so how long must I keep the house for tax exemption?

[lady_p_gold]

If its your own private residence then you would be exempt I believe, however with solicitors fees and all the other expenses it is unlikely I would say !

[lady_p_gold]

Main residence I should say

[Ethel]

And stamp duty!

[kags]

If you buy it purely and simply with the intention of making a profit, then the Inland Revenue could argue that the main residence exemption does not apply. This is difficult for them to argue if you really do live in the house and do not have, for example, other rented accommodation. There is no minimum time you must keep the house, as long as you genuinely live there. As Ethel mentions though, remember the Stamp Duty and legal fees.

[Ward-Minter]

Is it not called "Capital gains tax" or that been abolished?