capital gains tax

maranatha | 16:16 Sat 31st Mar 2007 | Business & Finance

2 Answers

my wife and I own our house morgage. we are thinking of selling our garden to builders for 60 thousands pounds how much capital gains tax would we have to pay.......

bank charges

Mortgage query

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dzug

It depends on the size of the garden - in some circumstances none. Best seek professional advice

kags

If the garden is less than half a hectare then there would normally be no capital gains. If it is greater then there would be an apportionment of the cost of the house to calculate the gain arising. There are various reliefs and exemptions also available, and so as
dzug says, professional advice would be recommended. The fact that you have a mortgage is not relevant to capital gains tax.

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