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Sam, Accountant
Category: Tax
Satisfied Customers: 14200
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I want to build new house and sell it cost£100000 proposed

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I want to build new house and sell it cost£100000 proposed value £220000 in my garden what is CGT payable.
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 2 years 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?
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
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