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Q&As
Tax on land sale
We have owned a plot of land with full planning permission for a few years now. It was always our intention to build our dream house on it but poor health now makes that impossible. We are thinking of selling the land and wonder if we will be liable to taxes or charges?
Answers
You bought this land for your own use so there was no intention to engage in any commercial activity aimed at making a profit. In these circumstances you should not be liable for any taxes. However, after you have sold the land and deposited the funds in bank, you will be liable for tax on the interest earned on the capital sum in the usual way.
