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One plot or two?
Our client is a self-employed chartered surveyor with his own business. He and his wife live in a cottage which they both own. They also own a barn which is right next door on an adjoining plot of land.
The buildings were purchased together but they had them registered separately with the Land Registry. The barn has been used for storage etc. but the clients wish to redevelop it for holiday lettings.
Can readers advise as to any ways in which potential future capital gains tax or VAT liabilities might be minimised? Is it a problem that the properties are registered separately?
Can or should they be brought together on one plot? The total ground area is less than half a hectare. Perhaps we should also mention that inheritance tax is a potential problem for the future.
Readers’ thoughts are welcomed.
Query...
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