A friend of mine is thinking of selling the bottom half of his garden to developers who plan to build on it.
What, if any, tax would be payable on this transaction?
I think it would be capital gains tax - the Inland revenue give you a personal allowance which i think is around 13K per person so if two people own the house/garden then they can make 26k on the transaction before having to pay anything.
The only tax which might apply would be Capital Gains Tax but, since the land is currently part of his primary residence, I can't see how he could fall foul of it. (I sincerely hope not anyway; otherwise the tax man might take an interest in the part of my garden I sold to my neighbour a couple of years ago!).
Ah, yes....me and the three monkeys down the swimming pool. All I can say is I have earn my cider tonight.
Try taking your two down the pool just to get an idea what it is like.
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The thread seems to be full of chat nonsense so one wonders if this is serious.
The answer that Chris gave you is correct unlesss you are selling part of a very large garden, greater than 0.5 hectares (1.25 acres), in which case CGT may be payable.
buildersmate - yes it is a serious question. I was a tad manic last night and took the opportunity to 'speak' to my brother whilst I had him cornered. My sense of judgement gets a little blurry when like that. :-(