Id really appreciate your help to point me in the right direction, Ive already paid for advice from two accounts and had a Land surveyor plot sales company out but the advice I have received is conflicting. Im happy to donate to a nominated charity for advice given
in 2012 My wife and I bought our house. It is set in .3 of an acre it has been our sole dwelling and we wish to reside here (hopefully) forever.
In 2013 we bought the neighbouring property also situated in about .3 acre in joint names
We Let the property next door to a tenant on an AST until June 2016.
In June 2016 my elderly father moved in (to keep things tidy this was also on an AST) We started to use part of the rear garden of next door as ours ( it was too much for dad to maintain and we were caring for him so back and forth.)
In approx June 2017 we hived off part of next doors garden by erecting a fence ( about .15 acre) as dad was leaving gates open and our dog was getting out. The kids have used it as a football pitch etc, Im getting bored of mowing it!!)
Sadly dad isn't very well (%%%%%% parkinson's!) and has had to go into a home so we now are looking to sell the house next door.
I have had Estate agents out to value it and the advice they are giving me is that there is easily enough room for a new dwelling on the part of garden we have hived off.
I have had a Land surveyor out who has told me that as the land is being used as our garden if it were sold it would be exempt of CGT as it is now part of our garden without doing anything title wise.
I have had one accountant, (who I paid but is a friend) tell me that I would need to legally transfer this parcel of land onto my house deeds in order to be belt and braces and claim the relief.
My accountant friend isn't a CGT specialist so I have been to a local very large accountancy practice for advice and they have said that the PPR relief would not be available as we put the fence up in 2017 even though we have been using the the garden since 2016. They suggest I transfer the garden into a new Ltd company prior to going for planning to mitigate tax if we sell the building plot.
Hence I am now very confused.
Given the figures involved and potential tax implications I obviously want to make sure I get my ducks in a row prior to going for planning permission. Im not adverse to paying tax I just don't want any massive shock payments if I can help it.
May 2012 £500,000 bought our house
June 2013 £335,000 bought next door.
Garden value without planning £25,000
Garden value with planning approx £250,000
Next door value with garden £425,000
Next door value without garden £400,000
Many thanks in advance