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Some practical hints and tips for advisers who are involved in tax planning for land sales.
KEY POINTS
- Pressure to increase national housing stock may result in more property sale issues.
- Capital gains tax rates have been reduced but not for residential property disposals.
- Lower corporation tax rates are resulting in more incorporations which can have entrepreneurs’ relief advantages.
- Remember that 100% agricultural property relief can be obtained but this will be confined to the agricultural value.
- Value added tax registration may be advantageous in recovering significant input tax on professional fees and related costs.
- Take care to avoid problem areas such as allegations of trading denial of main residence relief and offshore implications.
With increasing pressure to release land for development many tax practitioners will be advising clients on land sales which may range...
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