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Determining the capital gains tax treatment on private development of a residential garage.
My wife has lived continuously in our house for 30 years (we have been married for nine years). It is a three-bed semi-detached property with a large garden to the side and rear. At the front is a 3 m-wide driveway which we share with a neighbour. This opens out to a large courtyard that is large enough to park five or six cars in front of each house.
We have a large detached garage about 6 m by 9 m set in the corner to the front and side of the house with garden on two sides of it. We decided to convert the garage into a detached bungalow with some land as a garden. We obtained planning permission and are moving ahead.
The intention is to develop the bungalow ourselves and sell it with a garden and an area to park cars. In this way we can control...
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