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Answered in 1 hour by:
3/28/2010
Julie Kingham, Chartered Tax Adviser
Category: UK Tax
Satisfied Customers: 734
Experience: CTA, ATT - over 10 years experience in UK tax - CGT, IHT & personal tax
VerifiedHi
You receive principle private residence relief (PPR) for property that you live in as your main home. PPR ensures that any capital gain on your main property is exempt from capital gains tax.
I assume that your intention is to eventually sell two of the three properties that you would like to build. The Revenue will consider this to be a trade - and not a capital gains tax transaction. As a trade you would have to consider how you will run this business - sole trader, partnership or through a limited company. As a trade PPR relief is irrelevant - you will eventually be taxed on any profit that you make on the sale of the properties.
And yes, you can claim the VAT back on the new properties.
Julie Kingham, Chartered Tax Adviser
Category: UK Tax
Satisfied Customers: 734
Experience: CTA, ATT - over 10 years experience in UK tax - CGT, IHT & personal tax
VerifiedJulie Kingham and 87 other UK Tax Specialists are ready to help you
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