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Expert Lu
Expert Lu, Business Consultant
Category: Tax
Satisfied Customers: 222
Experience:  ACCA Diploma
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I brought my house in 2004 which included approximately 1

Customer Question

Hi, I brought my house in 2004 which included approximately 1 acre of land (4046 sq meters.)
The following year I purchased a further 4 acres that adjoins the property.
I work from a home “office” (room used partly as office and partly by myself)
My partner sold her home last year and moved in with me.
Together we are buying a new home.
I am selling this house including the additional 4 acres of land (on two separate titles, they were never joined) to the same person. Obviously I would like to avoid paying capital gains tax.
Thanks for your help
Tim
JA: What are the assets or property for this capital gain?
Customer: Hi, I brought my house in 2004 which included approximately 1 acre of land 4046 sq metres.
The following year I purchased a further 4 acres that adjoins the property.
I work from a home “office” (room used partly as office and partly by myself)
My partner sold her home last year and moved in with me.
Together we are buying a new home.
I am selling this house including the additional 4 acres of land (on two separate titles, they were never joined) to the same person. Obviously I would like to avoid paying capital gains tax.
Thanks for your help
Tim
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: Automated "assistants" should be stated as such
Submitted: 11 days ago.
Category: Tax
Customer: replied 11 days ago.
It won't allow me to edit so here is more details. Hi, I brought my house in 2004 for £64,000 which included approximately 1 acre of land 4046 sq metres.
The following year I purchased a further 4.5 acres that adjoins the property. £18,000
I work from a home “office” (room used partly as office and partly by myself)
My partner sold her home last year and moved in with me.
Together we are buying a new home.
I am selling this home including the additional 4.5 acres of land (on two separate titles, they were never joined) to the same person £245,000
Obviously I would like to avoid paying capital gains tax if legally possible.
What other info do you need and what are your charges?
Many thanks
Tony
Expert:  Expert Lu replied 11 days ago.

Hello

I am an expert with Just Answer and I am happy to assist you with your question, I am currently  reviewing your question  and I will get back to you .

Thank you in advance

Customer: replied 11 days ago.
Thank you
Customer: replied 10 days ago.
Hi, where are you based and please can you show me how to access a review of your answers/work. Thank you
Expert:  Expert Lu replied 10 days ago.

Hello,

Thank you  for your patience , after reviewing  your question  which ever of the two properties if you have one that is your main residence  it will be exempt  from CGT , the other property that is not your main home will definitely incur CGT there is no way of avoiding it.

Please kindly look up my name on Just Answer website , you will find me there.

All the best

Please  kindly feel free to ask if you need me to clarify my answer.

All the best

Expert Lu