Am I liable for CGT having owned home 1 year?

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ninak

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I am looking to sell my home. It is the only property I own and is my main residence. I will have owned it for about a year and a half when it goes for sale. I am getting planning permission granted (hopefully) and selling it with planning for another larger residence. I am wondering am I liable for cgt as I am only there a year or so and because I am selling it with planning for another premises. Any advice welcome.
 
ninak said:
I am looking to sell my home. It is the only property I own and is my main residence. I will have owned it for about a year and a half when it goes for sale. I am getting planning permission granted (hopefully) and selling it with planning for another larger residence. I am wondering am I liable for cgt as I am only there a year or so and because I am selling it with planning for another premises. Any advice welcome.
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There may be some CGT liability if the PP is for a completely separate residence, and the PP / development definitely adds value. As far as my rather hazy recollection goes, it's an apportionment of added value over the house and the site, with any added value for the house being non-CGT-able since it's your PPR. Check Revenue's CGT guidelines on their site - they're pretty good on having that stuff up.
 
Nina, I have no idea about the planning permission side of things but you're not liable for any CGT just because you want to sell after owning it for only a year and a half... we sold our apartment 7 months after drawing down our mortgage on it and bought our house - no CGT...

M
 
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