Hello,
My parents both own and live in 1 property and have been there for the last 10 years.
Within the plot that is owned, there is space to the side of the property for another house. This option is being looked into as this is one way to cover mortgage costs and to have a retirement fund.
The problem is:
Is there any tax implications of building this house?
Area's i am concerned about:
At the point of splitting the land - is each plot revalued? ( one with a house on and one with pending planning permission )
At the point of revalue and split of land what happens to the PPR RELIEF?
Once the build has been completed if selling the orignal home and moving into plot 2 would there be no tax due to using PPR?
Sorry for my wording this seems to be a grey area and ive tried to be specific as possible!
Thank you
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