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Main residence relief on properties built on unused business premises
For 20 years our clients have owned and lived at a small equestrian centre. They are very keen on their horses and have run a horse dealing business from home.
The overall area of the property is 0.56 hectares and the current house occupies about one-third of this with the remaining land comprising a covered indoor school and livery stables and outside training area.
Our clients are intending to apply for planning consent for two properties on the disused riding school and land occupied by the covered arena. They intend to build one house and sell their original residence retaining land with the second house. The overall area is less than half a hectare.
They anticipate they will live in the new house for at least two years but would ultimately like to build a third house on the land and move into it for their long-term...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
