a taxpayer has lived in his main residence for 20 years and has now acquired a piece of land (AB) adjacent to the main residence (CD). Lets say both pieces of land go from east to west, and are called AB and CD. the taxpayer wishes to split both pieces of land so that his 2 land parcels now run north to south, lets say AC and BD. A new property is to be built on the one land parcel (AC), which consists of part of the newly acquired adjacent land and the far end of the garden of the main residence. The new main residence will include the home as is, plus the other part of the newly acquired adjacent land (BD).
when the taxpayer comes to dispose of the new build, can PRR be claimed on the portion of land (A) that was previously included in his main residence?
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