My main residence has 2 smaller buildings within its boundary, which were effectively unvalued when I purchased my house nearly 20 years ago. One has now been restored and is currently occupied, (but has always been liable to residential council tax), the other, a barn, is currently being assessed for conversion. All 3 buildings are currently on one Land Certificate. My 2 questions are:
1. If I separate the 2 buildings each onto their own Land Certificate and sell them, I presumably incur a cgt liability. How would I determine their initial value, since they were not valued (for mortgage purposes) when I purchased the property but are now advisedly worth up to £300K each.
2. Is there a more tax efficient route I should be considering?
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