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Where Taxpayers and Advisers Meet

Tax on sole residence after planning gain for more houses in garden

cambium
Posts:1
Joined:Sun Jun 24, 2018 5:02 pm
Tax on sole residence after planning gain for more houses in garden

Postby cambium » Sun Jun 24, 2018 5:20 pm

Hi,

I am single and have a property that's my main/only residence,the land is almost an acre in total. I inherited it from my parents having looked after them to the end. I 've lived there for 6 years since their death and some 3 to 4 before as I became a carer.

I now wish to attempt to gain planning for 3 or 4 houses in the garden or possibly 5 in total net gain of 4. if successful I may sell the lot or retain a plot for myself and then sell the remainder.

I understand that if I sell any plots whilst owning the main residence I am not subject to any capital gains tax, also by selling all but one plot this is also tax free.

I would like to strike a deal to have my new house built by the builder/developer and pocket some cash. Is this as simple as it seems?

thanks

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: Tax on sole residence after planning gain for more houses in garden

Postby pawncob » Fri Jun 29, 2018 11:46 am

Yes, because the cost of building the house and the sale of the land will be defined in the contract.
With a pinch of salt take what I say, but don't exceed your RDA


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