capital gains tax

bellavista | 16:57 Sat 10th Feb 2007 | Personal Finance

2 Answers

we have just moved in to our new home. we are thinking about selling some of our garden off as a building plot. if we do will we have to pay capital gains tax ?

Stamp Tax

What's my Final Salary Pension worth?

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dzug

I found this online:

If your main residence has a large garden, you might be able to sell part as a building plot. If your total original plot was less than 1/2 hectare (a little more than 1 acre) then the sale proceeds of the building plot should be CGT exempt

However, if you've only just moved in what gain will you have made to tax anyway?

kags

Depends on the overall size of the garden - if it is less than half a hectare (which is just over an acre) then there will be no Capital Gains implications.

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