Hi
I wonder if someone might be able to give me a view on possible taxation of my situation.
I own a house that I paid £190k for that I rent out. I've now got planning to build an attached house in the side garden.
If I build the new house (£100k build cost, value £220k ) and then sell the existing house for £220k will I simply pay CGT on the £30k profit?
Or because I've gained a house in the side garden will that somehow come into it. I will be the owner of the newly built house and rent it out.
I had thought about building and selling the new house but I believe I will obviously cop tax on the profit from doing that?
Just looking at best option to sell one of the properties in the most tax efficient manner.
Thoughts welcome
Thanks Miles
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