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Tax on Land Sale
petjoke
Posts: 4 Newbie
I am considering developing the land of the garden of a property I rent with a view to getting outline planning permission to sell. Will I be subject to CGT or income tax and would the tax position be different if the land was attached to my main property? Is there a better forum for me to post this question? Thank you.
0
Comments
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If you sell part of the land of the rental it would be subject to capital gain tax.
If you sell part of the garden of your main residence it would not.1 -
When you say "rent" I presume you mean "rent out"?
CGT would be payable on the difference between the value of the land as garden and its value as a building plot, less of course any allowances pertinent at the time of sale.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales1
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