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I want to build new house and sell it cost£100000 proposed

Resolved Question:

I want to build new house and sell it cost£100000 proposed value £220000 in my garden what is CGT payable.
Submitted: 11 months ago.
Category: Tax
Expert:  Sam replied 11 months ago.
Hi Thanks for your question The gain will be the difference between the sale price and building cost - so at face value a gain of £120000 of which the first £11,100 will ve exempt as this is the annual exemption allowance - leaving £108,900 liable to capital gains tax, which will be charged at either a mix of £18% and 28% or just 28% (if you are a higher rate taxpayer - so somewhere between £30,492 or the lesser amount of £27,292 (if none of you basic rate band used) Please do let me know if I can assist furtehr, or it would be appreciated if you would rate the level of service I have provided, so I am credited by Just Answer. (or click accept) Thanks Sam
Customer: replied 11 months ago.
Sam I want to build a new house in garden which will lower value of existing plot can this loss be put against CGT?
Expert:  Sam replied 11 months ago.
Hi Thanks for your further question (which I really should send an additional services request for additional information) but as you are new to Just Answer, I will answer on this occasion. No the loss cannot be put against the new build - as you would already have had the value of the land the build is being put on taken into account. (so cannot have it in essence twice) Thanks Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13778
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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