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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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1) A plot of land which we have owned for forty three years

Resolved Question:

1) A plot of land which we have owned for forty three years now could have a value of between £100K/125K if sold on for development for housing. Initially rated as part of a garden area. Could you advise the liability for CGT please?
2) If used as 'down sizing' and moved into from present property, value circa £450K how would CGT be calculated?
3) Is there a good reference for info?
Best regards, ***** *****
Submitted: 8 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 8 months ago.

Thank you for your question..

Please advise if the plot of land has been an intergal part of the property and its garden with no fencing separating it from the main property.

What is the size of your plot including your main house?

Many thanks

Customer: replied 7 months ago.
Thank you for your reply. Have had the tape out. The plot in question is owned in common between myself and immediate neighbour. The area is circa 430sq.m and use is shared as part of the gardens of the two properties, with greenhouse, veg.plots, grass and sheds. It is not separately fenced. The drive serving both houses runs across this part of the garden, bordering the edge. The total area of the two plots combined (excluding the land held in common) will be approx. 1600sq.m. My plot area including house is approx. 650sq.m. The neighbour's is probably around 950sq.m, part of which is the drive. Trust this goes some way to answering your questions. We may need to talk direct at some stage. I can always take a pic and send if required. Best regards, ***** *****
Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your reply and for additional information

If you were to sell a plot of land that forms part of the property grounds and the total area of the garden and grounds do not exceed half an hectare you are entitled to relief for all of it.

If you were downsizing and moved into the the new property from your present property, your gain from sale of present property would be covered by private residence relief as it was your main residence.

More information on private residence relief against gain from sale of land and property is covered in HS283 here

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323679/hs283.pdf

https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 7 months ago.
Thanks again for response. Will go through the added information. How long do I get before my present access runs out if I have further questions?
Expert:  taxadvisor.uk replied 7 months ago.

Thank you for your reply.

You can ask follow up questions relating to your main question even after you have accepted the answer. Link to the question will remain open.

I hope this is helpful and answers your question.

If you are happy and there are no more issues I will appreciate if you would kindly rate/accept the service I provided to ensure I get credited for it by Just Answer.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4887
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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Expert:  taxadvisor.uk replied 7 months ago.

I thank you for accepting my answer.

Best wishes

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