CGT on property sale

Residential vs Non-residential rate

Didn't find your answer?

Hi, wondering if anyone might give their opinion on the following scenario. Client inherited a residential property with several outbuildings a few years ago, obtained planning for additional residential dwellings (replacing the outbuildings) and sold the whole lot together. The outbuildings were previously used as part of a small holding (and prior to that a POW camp!!). However throughout our clients ownership all buildings have been unused / empty. I understand that any CGT payable on the residential property will be at residential rates, what I am unsure of is whether the outbuildings should also be chargeable at residential rates. No development work has been done, the client has simply obtained planning. My thoughts are from reading the rules the outbuildings could qualify for non-residential rates. Any opinions would be greatly appreciated.

Thanks 

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.