Site Sale CGT 7 Year Rule

Grainnegrace1

Registered User
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1
Hi,
we bought a 1 acre site in Oct 2012 with the intention of building on it.we never did and are now thinking of selling the site.Can anyone explain the 7 year cgt exemption to me. thanks
 
If you hold it for 7 years and sell in year 7 then CGT is relieved, if you sell in year eight 7/8 is relieved, year 9 7/9 is relieved etc
 
Wonko, when was this 7 year rule introduced and could you point me to where I might get some information on it's application. Ta much!
 
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