Private residence has an outbuilding within its main curtilage. Building is being demolished, then the bricks are being sold.
Am assuming the sale of the bricks will be taxable and not exempt via PRR, and so it would be better selling off the building itself which would then be exempt? Problem with this is that the vendor desires to retain the land to extend his garden.
If the bricks are sold then they will presumably have a cost. Difficult to calculate this, so am assuming a 'just and reasonable' proportion of the original purchase price of the entirety would be sufficient?
Anyone had experience of this?
Thanks.
Replies (5)
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If selling the bricks, I wouldn't not think that they constitute as part of the residence for PPR. So, is the sale of the bricks in excess £6000? If so, then CGT is applicable, otherwise, no.
I don't really know how far £6000k gets you with second hand bricks, so perhaps the discussion about the cost is a waste of time. However, I agree, the valuation of the cost basis is perhaps non-trivial.
If selling the property, then PPR is available for part disposals of the residence.
Why not sell the building as
Why not sell the building as is and get the purchaser to demolish it and remove the bricks, thereby utilising PPR?