CGT (property)

[ianpip]

Hi, hoping somebody can advise me......
I have recently bought an unoccupied house with a large garden for £300k and have now obtained Outline Planning Consent for two dwellings in the garden. I intend to split the property into three Lots (the house and the two plots) and sell them individually.

I have very little knowledge of the CGT liability in this case or how I should split the original cost between the three lots and sell them to minimise the CGT.

Any helpful advice or comments would be appreciated.

Thanks

[pawncob]

The development is subject to Income Tax , not CGT. Register as Self Employed with HMRC and follow the usual trading route.

[Peter D]

This sounds like an adventure in the nature of a trade and Income Tax will apply not CGT.
You really need some face to face advice and a good accountant. Regards Peter