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Submit plansHi, Wonder if anyone can help us prepare.
We’re considering buying a plot of land with no buildings on it. Then sectioning off some of this land, getting planning permission for a home, and selling this plot. We would do this in order to finance the build of our own home on the rest of the land.
Could anyone tell me if this would be subject to Capital Gains? We would then live in the second house for a long time, but don’t know if the gain would have to be reported inbetween as we wouldn’t be living there, or if it would count as reinvestment.
Thanks!
You wouldn’t pay Capital Gains Tax on the sale of your own home, as it would be your primary residence and therefore exempt. However, you would be liable to pay on any profit you make on the sale of the first plot, even if you plan to reinvest this in building your own property.
Rachel Pyne, director of financial services at BuildStore
