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Sam, Accountant
Category: Tax
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Thanks, your answer was very helpful. My Mother is not 100%

Customer Question

Hi, thanks, ***** ***** was very helpful. My Mother is not 100% certain of the implications however, which I'd be grateful if you could clarify. She has a separate residence elsewhere in the city with her husband, and her original estate has been managed by others and myself since 1993. The land with the three plots was a single plot of agricultural/wasteground with no planning and a restrictive covenant. The value as such was maybe £300000 in its entirety. I've managed this year to get planning for three executive homes and we have got the covenant lifted at a cost. I propose she sells two plots at £200000 to a developer to build two houses for himself and his family, and the developer builds a third home for us, which I would live in as briefly as possible if necessary and then the developer would wish to buy the third house back at market value (£330000 - £350000). Does your reference to PRR still apply and can 'trading in land' be avoided by the fact that my Mother has owned the whole plot since 1976, albeit not lived at that estate since 1993, Thanks in advance, Alistair
Submitted: 1 year ago.
Category: Tax
Expert:  Nicola-mod replied 1 year ago.
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Expert:  bigduckontax replied 1 year ago.

Hello, Keith here, I am back after a one week hospital stay. Do you wish to continue?