Check if you have to pay any income tax on the property you sell
Income earned from property sales is like any other income. You may have to pay income tax on it.
If you buy a property with the firm intention of selling it when prices rise, to make a gain from the increase in its value, the profit is likely to be taxable.
There are special rules for people in the business of dealing in, developing, or subdividing land or in the the building business, and for people associated with them.
For more help
To help you understand whether you should be paying tax when you sell a property, use the property decision tree and see the IR313 under "forms and guides", your guide to your tax obligations when buying and selling residential property.
At the right hand side of this page you can find information about paying tax on property in other languages.
Date published: 25 Feb 2008
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