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Q&As
Taxing issues
I am considering either selling part of my garden as a plot, or building a house on it to sell on. Would I be liable for capital gains tax?
Answers
You would not be liable for CGT if the house you are selling is your principal residence at the time of the sale. So you could build a house in your garden, live in it and sell on without incurring the tax. Have a look at www.inlandrevenue.gov.uk/cgt -and ask for a copy of the free leaflet CGT/FS1 CGT A Quick Guide to CGT.
3 December 2012
