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Our client acquired agricultural land in the 1970s. In 1990, planning consent was obtained on part of this land area for ten residential dwellings. Nine building plots were disposed of to a developer and one plot was retained.
In 2005, my client built a property on this one remaining plot for his occupation as his only or main private residence.
In 2007, having lived in the property for two years, for personal reasons my client disposed of the house.
Our client acquired agricultural land in the 1970s. In 1990 planning consent was obtained on part of this land area for ten residential dwellings. Nine building plots were disposed of to a developer and one plot was retained.
In 2005 my client built a property on this one remaining plot for his occupation as his only or main private residence.
In 2007 having lived in the property for two years for personal reasons my client disposed of the house.
Readers' views would be appreciated upon the capital gains tax implications of this disposal in particular whether or not only or main residence relief is available on the total capital gain.
If any readers are of the opinion that part of the gain is chargeable could they please suggest a method of apportionment.
Query T17 000 — Bob The Builder.
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