Total area of land less than half an acre. Garages and outbuildings used only for garaging, storage etc by me and family, never let or used for business
I own less than an acre of land. Garages & outbuildings used only for storage, cars, boat etc., never let or used for business
Thanks.If you sell the garages and outbuildings but continue to live in the house, then you will be treated as having made a part disposal of your principle private residence which will be exempt from Capital Gains Tax as would the disposal of a part of your garden to a developer, for example. That is, provided you meet the criteria set out in HS283 here.If you dispose of the house and somehow retain ownership of the garages and outbuildings which you sell later, then you will have a Capital Gains Tax problem as you will no longer be selling part of your principle private residence.I don't see a problem if you sell the house separately from the garages and outbuildings or to separate buyers so long as the house is sold last.Take a look at HS283 for more information on CGT and the main residence.I hope this helps but let me know if you have any further questions.
Very helpful, thank you