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You are allowed to sell a total plot size of 1.25 acres including the land on which the house is built Capital Gains Tax free unless the house is of a size and stature to justify a larger plot of land in order to gain the maximum enjoyment from it. For example, Buckingham Palace has a huge "back garden" but the palace is of a size and stature to justify it.
There is currently no allowance for inflation in the Capital Gains Tax rules. There was once so it may come back in the future. There are two rates of Capital Gains Tax, 18% and 28%. The rate or combination of rates you will pay will depend on your income in the tax year that you dispose of the property.
Let me know if you have any queries.
You are allowed to sell a total plot size of 1.25 acres including the land on which the house is built Capital Gains Tax free unless the house is of a size and stature to justify a larger plot of land in order to gain the maximum enjoyment from it. For example, Buckingham Palace has a huge "back garden" but the palace is of a size and stature to justify it.
There is currently no allowance for inflation in the Capital Gains Tax rules. There was once so it may come back in the future. There are two rates of Capital Gains Tax, 18% and 28%. The rate or combination of rates you will pay will depend on your income in the tax year that you dispose of the property.
Let me know if you have any queries.
Tony Tax, Tax Consultant
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