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TonyTax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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I plan to sell a piece of land at the rear of my garden for

Resolved Question:

I plan to sell a piece of land at the rear of my garden for a single dwelling house. I own my house and have lived there for 42 years.
If we get planning permission, what is the tax situation on this transaction?
Please let me know.
Thank you, ***** *****
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi. So long as the plot of land that your house and garden sit on is no more than half a hectare or 1.23 acres in size and that the land you intend to sell is part of your garden and is not fenced off or used for business, then you will have no CGT to pay as you will be treated as disposing of part of your main residence. As you appear to have lived there for the entire period of your ownership of it, the disposal will be covered by main residence relief. Take a look at HS283 for more information. If the size of the plot is greater than half a hectare, then part of any gain will be chargeable to CGT. You would need to apportion the 31 March 1982 value of the house which will be your cost for CGT purposes apportioned between the house and the land being sold in order to work out the gain. Only, the excess over half a hectare would be taxable. I hope this helps but let me know if you have any further questions.
TonyTax, Tax Consultant
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Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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