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Capital gains tax or PRR arising on garden sale?
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sheilanick
Posts: 141 Forumite
I need some advice on the above, but uncertain which sort of specialist advisor could help.
I have planning for a new build in my garden, but have decided not to go ahead. A neighbour wants to purchase just part of the plot, without any planning permission. Will the fact that I have planning permission mean it attracts CGT, or can I claim PRR as I am only selling a strip of my garden, not big enough to build on?
I have planning for a new build in my garden, but have decided not to go ahead. A neighbour wants to purchase just part of the plot, without any planning permission. Will the fact that I have planning permission mean it attracts CGT, or can I claim PRR as I am only selling a strip of my garden, not big enough to build on?
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Comments
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The first key question is whether the total site (including the house) is 0.5 hectares or less. Is it?
The second key question is what amount are you selling it for, and roughly what proportion of the land is being sold?
You should read:
https://www.gov.uk/government/publications/private-residence-relief-hs283-self-assessment-helpsheet/hs283-private-residence-relief-20240
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