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30 August 2011
PAUL BENNEY considers the tax aspects of selling land
KEY POINTS
- The exemption in TCGA 1992 s 222 et seq.
- Property development and ITA 2007 s 756.
- Sequential property transactions and exemptions.
- Is a garden needed for ‘reasonable enjoyment’ of a property?
- Is there a gain or a trade?
In these times of economic uncertainty an increasing number of people will look to maximise what they already own and in some cases an opportunity may exist right at the bottom of the garden.
Where the garden or grounds to a property are of sufficient size a homeowner may be able to obtain planning permission and sell off part of...
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