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bigduckontax, Accountant
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I sold a share in a piece of agricultural land with

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I sold a share in a piece of agricultural land with residential planning permission in December 2016. We had previously sold the option to purchase to a residential developer. When residential planning permission was approved, the option was exercised and the land sold. At the time of the sale, building work had not started. On my tax return is the sale counted as “Residential property and carried interest” or “Other property, assets and gains”?

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

'Other property, assets and gains,' it does not become residential until a dwelling is erected. The gain should be taxed at 10% or 20% or a combination of the two rates depending on your income including the gain in the tax year of disposal.

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