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Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 24612
Experience:  Senior Partner at Berkson Wallace
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I need advice regarding the tax implications if any, when i

Customer Question

Hi, I need advice regarding the tax implications if any, when i sell my house, and if it would make a difference if i retain ownership of part of the land?
JA: Have you talked to a lawyer about this? In which country do you live? If different, which country is your legal question related to?
Customer: No i have not spoke to anybody, UK.
JA: What steps have you taken so far?
Customer: Nothing yet, i don't intend to sell the house for another year.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Only to say i do have a mortgage on the house.
Submitted: 14 days ago.
Category: Law
Expert:  Stuart J replied 14 days ago.

Hello. Thank you for the question. It is my pleasure to assist your with this today.

Please bear with me and I will be online and off-line from time to time and therefore, may be delayed getting back to you. You will receive an email when I reply.

Is this your only property?

and when did you buy it?

Customer: replied 14 days ago.
It is my property and my wife's, we purchased the property in 1993
Expert:  Stuart J replied 14 days ago.

Provided this is your main residence then there is no capital gains tax when you sell all or part of it.

If on the other hand it is not your main residence then you pay capital gains tax on the difference between the purchase price and the sale price subject of course to your annual exemptions.

Customer: replied 14 days ago.
Thanks for your reply, as i said i would be keeping back a large part of the land, which had a barn on it when when we originally purchased, we have got residential planning on the barn now and will develope it after the main house is sold, the barn will then become our main residence after the house sale, and then in later years sell the barn, so will the sale of the barn br free of capital gain tax?
Expert:  Stuart J replied 14 days ago.

If you are selling part of your main residence then there is no CGT.

Here it is from somebody else:

https://www.krestonreeves.com/news/selling-part-of-your-garden-for-development-could-be-a-shrewd-move/#:~:text=When%20you%20sell%20your%20only,residence%20whilst%20you%20live%20there.