P PatrickS Guest 26 Jul 2005 #1 I sold a section of my garden recently to a builder which was under a 1/4 acre. This was approx. 1/2 of my garden. Am I exempt from Capital Gains Tax?
I sold a section of my garden recently to a builder which was under a 1/4 acre. This was approx. 1/2 of my garden. Am I exempt from Capital Gains Tax?
V Vanilla Registered User Messages 4,102 27 Jul 2005 #2 No, don't think so, this is almost certainly for the builder to build on, so it has development potential and therefore will be liable for CGT.
No, don't think so, this is almost certainly for the builder to build on, so it has development potential and therefore will be liable for CGT.
B bacchus Registered User Messages 1,814 27 Jul 2005 #3 Are you sure even though he sold part of his PPR which sale should be exempt from CGT?
G gongey Registered User Messages 101 27 Jul 2005 #4 the relief given to an individual on the sale of his residence/acre does not apply to the part of the gain reflecting development value. The PPR relief only applies to the gain arising if sold only at its current use value
the relief given to an individual on the sale of his residence/acre does not apply to the part of the gain reflecting development value. The PPR relief only applies to the gain arising if sold only at its current use value