Tax question main residence
Discussion
Hi Odd question hopefully someone can help.
My main residence. I have been living in for the last 7 years.
Im building a small house on the side garden plot. Im told I wont pay any on the new build as its been my main residence for a number of years.
Im going to split the deed before the house is built. So the new house has it own title, my mortgage company are happy for me to split the garden plot.
My reason for splitting the plot is to get finance on the plot, as it will have zero borrowings against it.
My question if I spilt the deeds will it affect my tax position.
Thanks
My main residence. I have been living in for the last 7 years.
Im building a small house on the side garden plot. Im told I wont pay any on the new build as its been my main residence for a number of years.
Im going to split the deed before the house is built. So the new house has it own title, my mortgage company are happy for me to split the garden plot.
My reason for splitting the plot is to get finance on the plot, as it will have zero borrowings against it.
My question if I spilt the deeds will it affect my tax position.
Thanks
worsy said:
You need a tax specialist.
Make sure you take lots of photographs of the garden before the split.
Certainly do, sold 3 building plots ex garden of bungalow that was to be demolished before building on its footprint (4th plot). Make sure you take lots of photographs of the garden before the split.
Bungalow had to be lived in and plots sold as garden before any work started on new builds. Bungalow couldn't be demolished till above done. No CGT on plot sales. Took specialist tax advice before ,cost more than £1k 13 years ago but could then sleep at night without worrying about HMRC brown envelope dropping thro letterbox
It's not clear from your post which house you actually intend to live in, and what you intend to do with the other house, so apologies if this post isn't relevant.
What a neighbour of ours did was to move into the newly built house and sell the original house. No CGT to pay as it had been his main residence. Then, after 3 years of living in the newly built house, he sold that and downsized. Again, no CGT to pay as that house had been his main residence for the past 3 years.
What a neighbour of ours did was to move into the newly built house and sell the original house. No CGT to pay as it had been his main residence. Then, after 3 years of living in the newly built house, he sold that and downsized. Again, no CGT to pay as that house had been his main residence for the past 3 years.
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