House purchase for redevelopment

[dotto]

Purchasing property with land. Intend living in house for 12 months whilst planning sorted. Hopefully 5 plots.
Partner, partner's son and girlfriend and myself living in house.
Partner's son building new house on one plot
Partner and I building house on other plots.
All contributing one third to initial purchase.
Intend demolishing existing bungalow eventually and selling off 3 plots of land.
As bungalow our main residence for at least 12 months and theoretically selling off garden, two plots to ourselves and others to third parties, where do we stand with capital gains tax.
Would be better buying initially in different format.

[Instinctive]

It seems that you are planning to be a property developer and therefore you will be deemed to be in business and taxed as Income and not Capital Gains Tax.

ramnik
ramnikrp@hotmail.com