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taxadvisor.uk, Chartered Certified Accountant
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Bare land with planning permission. Never been a building on

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Bare land with planning permission. Never been a building on land. Work not started. Not a garden plot. Is this residential or non residential for Capital Gains Tax purposes?
JA: What are the assets or property for this capital gain?
Customer: Land only
JA: Anything else you want the Accountant to know before I connect you?
Customer: No thanks

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.
Many thanks

Thank you for your question.

You say it is bare land with planning permission.

Any land that is used or intended to be used with a dwelling is therefore classified as residential property for capital gains tax purposes.

Disposal of bare land, even if it already has planning permission for residential property to be built would be classed as non residential as what you are selling is already residential property.

My aim is to give you a professional service. I hope this is helpful and answers your question.

If you need more assistance, please use the reply box below and let me know. It has been my pleasure to assist you with your question.

Customer: replied 19 days ago.
Don't really understand sentence 3 disposal of bare land.......Are you saying disposal is not residential for CGT purposes?

Thank you for your reply.

If it is bare land then disposal is deemed non residential for CGT purposes.

This should have read ---

Disposal of bare land, even if it already has planning permission for residential property to be built would be classed as non residential as what you are selling is not already residential property.

I hope this is helpful and answers your question.

taxadvisor.uk and other Tax Specialists are ready to help you
Customer: replied 19 days ago.
Thanks

I thank you for accepting my answer.

I'm glad I could help you resolve this today. Please follow up here if you have any other questions.

Best wishes.