ChatterBank1 min ago
Tax Implications On Property Sale
My house is for sale as a)house and unconverted barn b)house only c)barn only.
What are the tax implications if I sell the house plus 3 acres and (separately) the unconverted barn plus two acres? Do I pay CGT on both?
What are the tax implications if I sell the house plus 3 acres and (separately) the unconverted barn plus two acres? Do I pay CGT on both?
Answers
Best Answer
No best answer has yet been selected by Budlet. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.If the house is your main residence then you won't be liable for CGT. If the barn and land are on the same title as your house they will either have to be sold with your house ( no CGT) or given a separate title at the land registry. If you sell the land and barn on separate title that will be classed as a capital gain when sold.