selling of house for development purposes - Tax implication

E

eoghank

Guest
I understand that there is no capital gains tax due in the case of one selling their own home, I also believe that you can sell your property with circa an acre of land with no tax due either. Is there Capital Gains Tax due if you sell a property with land, with planning permission attached to the sale (ie planning permission for additional detached house)

Thanks in advance for advice.
 
CGT is an issue in this case as far as I know. See the Revenue Guide to CGT:
 
Yes, unfortunately you have to pay CGT on the site part of the garden that has the PP. Its all in the revenue guide. It will cost you 20% of the INCREASED value of the garden after you deduct the purchase cost (prorata) of the garden originally and less sale expenses.
 
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