The property was a derelict car park when we bought it and had no residence on it. We obtained planning permission in 2002 for developing the car park into 11 houses and sold it in MAY 2003 for 224,000 less costs ie 217,000 While we owned it it was empty and not used for anything except parking the occasional car.
Sorry The land we bought after for £60,000 is farm land and has been used for farming since we got it. There is no residence or barns It is just grazing ground.
We have farmed the land ourselves and grazed our livestock. We have a holding number for the ground and produce accounts each year. I think it was early in the year 1995 and I am sorry I don't know which month we spent the £5000 in 1999, although I think it was summer time so probably July
Yes that is fine and I only need a rough idea of what the potential gain would be.
Thanks very much
Many thanks for your help
I am sorry I am not sure on your figures as to what roll over allowance you have used as the proceeds of the car park were used in part to buy the farm land? Your answer doesn't sem to show any rollover relief. Sorry if I am misinterpreting this.