Joe1234 said:I could be wrong, but there may be some provision in the CGT legislation where anyone can dispose of up to 1 acre of land which is attached to their PPR without having to pay CGT.
cloughy said:You can sell 1 acre of land only where you are also selling the house, normally revenue will allow you to dispose of house and up to 1acre of land, but if only disposing of the land, then is classified as development land and chargeable in full to CGT. The best/most tax efficient means would be to build on the land and move PPR to new house and then sell existing house - incurring no tax liability, as sale of PPR,.
Ubiquitous, why not elaborate as to what exactly the problem is with the suggestion put forward (which seemed reasonable to me).Sorry but incorrect on both counts.
ubiquitous said:...not when the land has development value
ubiquitous said:Sorry but incorrect on both counts.
This statement is correct in about 99% of cases. However where the value of the property includes a premium for development value (actual or "hope value") the PPR exemption does not apply to this premium.cloughy said:"A gain on the disposal of a principal private residence including grounds of up to one acre is exempt, provided the house had been occupied by the individual as his/her only or main residence during the individual's period of ownership."
cloughy said:"The best/most tax efficient means would be to build on the land and move PPR to new house and then sell existing house - incurring no tax liability, as sale of PPR"
just because someone is a professional does not mean they will have adapted to changing legislation/market etc (leaving CPD aside here), they might therefore give good advice, but not necessarily the best advice.
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