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Submit plansI own a plot of land alongside a smaller plot of land belonging to a neighbour, on which we jointly intend to build two houses and a bungalow. Could you give us some guidance on the sort of advice on legal and tax issues we should consider before we start this project? I want to minimise tax liabilities for both the land and the properties built and ensure that my neighbour and I have the right legal agreement in place between the two of us, because we’ll be jointly project managing the build
In a case like this there is a lot of value at stake so it’s essential you get the right professional advice. On the tax side there are possible issues of capital gains tax to consider as well as income tax and VAT. You must find an accountant with specialist knowledge of property development. If in doubt, the Institute of Chartered Accountants in England and Wales (ICAEW) has an online searchable directory of members that enables users to select property specialists. On the legal side, the same requirement for specialist help applies. Your family solicitor may not be equipped to deal with this. Again, the Law Society website has a searchable database of solicitors where you can source local construction expertise.
