Hi,
I shall be obtaining planning permission for a new dwelling on the driveway/garage block of an existing residential investment property I own.
When I sell this development plot land for someone else to build, I understand that CGT will be payable on the gain however would this be at 20% or 28%? There is no existing residential dwelling on the actual development plot land however it is currently part of the permitted area of the existing residential investment property I own.
I have read some guidance saying that 20% CGT would be payable since there is no residential dwelling on the development plot land itself. I also elsewhere have read that 28% CGT would be payable since this development plot land is part of the "permitted area" of the existing residential investment property I own.
If anyone has experience in this area, any thoughts would be much appreciated. Thanks in advance. Sarah
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