CGT on sale of strip of land that is part of principal private residence

boltownes

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Hi, my neighbour wishes to buy a strip of land that is part of my principal private residence. Will I have to pay tax on the sale? I don't have any other properties. Thanks in advance!
 
Then no CGT.

The CGT exemption for PPR extends to up to 1 acre of land around the house.

[broken link removed]
 
What's the story if the house wasn't the PPR for the entire period of ownership?
The exact same as CGT on disposal of house.
A cost price would have to be calculated for the portion being sold, and the gain allocated over years it was PPR would be exempt, with final 12 months deemed PPR.

So if you owned for 10 years, and lived in for the first 5, then 6/10 of the gain would be exempt.
 
Correct. You need to look at whether there’s a difference between current use value and market value.
 
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