CGT on site

C

Caroline4262

Guest
Hi
I had estates agents in to value my house. As my house is a conrer site with potential to build on it they suggested to me to have an architect's advice on it for building as this would increase the sale value of my house. Architect made a preliminary inquiry and said I could build on this site.

I got back to the estate agent who now informs me that I would be liable for CGT on the site. Can anyone tell me

1. If I sell my house with "outline planning permission" would I be liable?
2. If I sell my house with "Full planning permission" would I be liable?
3.Would it be better to sell my house with neither and say potential for building?

The value without planning is €520+ and the value with outline planning could be €570+ so I am wondering if it is worth the effort to get this planning or not taking into consideration CGT at 20% and how do the tax dept work this out?

Thanks in advance for any advice.
 
The auctioneer can do an apportionment of the values of the site and house- you will only be liable for CGT on the site, not on the house.
 
Yes the property is my PPR. As Vanilla said I can get the auctioneer to do an apportionment of the values of the site and house and I will only be liable for CGT on the site, not on the house. I do not want to go through the bother of going for outline planning permission and then be caught for 20% CGT and make the effort not worth my while. My estate agent said I should talk to my solicitor about CGt. The estate agents should know about this as surely they deal with this everyday? Any advice
thanks

bacchus said:
Is this house your PPR?
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