We purchased a plot of land in 1987 for £2,200 which we still use to keep our horses on.
In 2005 the Ricoh Arena was built nearby and we can also use the field up to 26 times a year as a car park.
The income from this is around £15,000 (after tax) a year and is run via the Ricoh parking official offsite.
I have been approached with an option to sell the land should planning permission be obtained for a minimum value of £275K with potential market value at £350K.
If it comes off we will be selling our property and buying another with more land.
Is there an opportunity to decrease Capital gains and what Capital Gains do people think I am liable to ?
I would like to see whether the long term income is better than selling the land before I commit to the option.
Any help would be appreciated.
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