Thank you so much for responding. The land etc is in a conservation area in a village where there are cottages, new properties etc all jumbled up as you would expect in a village situation. The strip goes off the main road and starts with the hairdressing shop, which used to be the slaughterhouse!! As you drive in you reach the saddlery to your right with car parking in front of it. Continue driving in the same straight line and next is the front garden of the bungalow which is the plot. Then of course is the bungalow which has quite a large garden area to its rear. There are no separate deeds. The whole site was inherited when my parent died last year. It has been in the family for many years and I have been reluctant to sell. However, I have now made the decision to sell the bungalow with its front garden, which the prospective purchaser would like to buy as a separate plot. I would like to hang on to the saddlery, hairdressers, workshop but am concerned that if I sell in the future I will be saddled (so to speak) with CGT. The whole site was valued at £500,000 for probate. If the site is split say £200,000 for the bungalow, £125,000 for the plot, this means the remaining third is effectively worth £175,000. This was not individually distinguished for probate so presumably I would have to convince HMRC of each portion's worth. If I sell the final third say in two years for £225,000, then I assume I would have to pay CGT on the difference in worth. However, if I sold it all now as job lot, there would be no CGT.
I hope this has helped and I am really grateful for your advice.