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Granny House in garden? Capital Gain?
clock24
Posts: 59 Forumite
Splitting our garden , to build a house for Gran. Eventually it would be sold, when no longer needed, as a seperate house (will have it's own drive and services).
What would the capital Gain situation likely be?
The site is part of our 'main' residence (CG 'free' presumably) - but if a new building is erected then both obviously cannot be our main residences, so how would CG be calculated when new house is eventually sold?
Doing my head in thinking about it!! Any help out there?
What would the capital Gain situation likely be?
The site is part of our 'main' residence (CG 'free' presumably) - but if a new building is erected then both obviously cannot be our main residences, so how would CG be calculated when new house is eventually sold?
Doing my head in thinking about it!! Any help out there?
I say what I like, I like what I say!
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Comments
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There are HMRC guidance leaflets on this, but I can't search from this computer easily. Search the HMRC sites.
Basically it is important whether you separate the titles now before the house is built or later.
The value of the original property will need to be apportioned between the two sites so you can have a base on which to calculate the future gain.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks, silvercar, will need to sort these things out about splitting the site first. Will try the HMRC guides you suggest.
CheersI say what I like, I like what I say!0
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