We purchased a plot of land (1/4 acre) to carry out a self-build back in November 2000. We obtained PP for two detached houses and moved onto the site in a caravan on 2 Jan 02. We have almost completed building the first property but have yet to start the second one. It was always our intention to move into the first property and then decide whether to sell the other half off or develop it ourselves. Circumstances have changed and my wife is extremely fed up at work! and has found a property where she could run a business from home. If we purchased the new property and moved into it as our main home, can we then sell the self-build property in about six months (this is about how long it would take to complete) without attracting CGT? Although technically we have never lived in the property, we have lived in a caravan on site for nearly two years and paid council tax for the same period. If we do have to pay CGT is there anyway it can be reduced? for example:- rent the property out for a number of years before selling?
Any advise would be very much appreciated.
Many thanks,
Lee
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