Just a general question here, obviously I'd get proper paid legal advice before doing anything, just getting some ideas that may help us come to a decision.
My wife and I own a property outright that we currently live in. We also own outright a small commercial property that we are considering building a three bedroom house on - currently waiting planning permission but have been advised that it has a very good chance of success.
Assuming we get the go ahead and build the property we'd like to eventually sell it however, if at all possible, we'd like to avoid, not evade, paying tax on the sale. We would particularly like to hear from anyone who has done something similar.
We would consider living in it for say, 12-18 months after completion as our main home and letting out our existing house to our daughter and her boyfriend. In this case would (a) we be able to claim back all VAT paid for goods and services involved in the building of it and (b) would 12-18 months be a long enough period for it to be considered exempt from capital gains tax as it would be our main house?
Or am I missing the bleedin' obvious?
Thanks
My wife and I own a property outright that we currently live in. We also own outright a small commercial property that we are considering building a three bedroom house on - currently waiting planning permission but have been advised that it has a very good chance of success.
Assuming we get the go ahead and build the property we'd like to eventually sell it however, if at all possible, we'd like to avoid, not evade, paying tax on the sale. We would particularly like to hear from anyone who has done something similar.
We would consider living in it for say, 12-18 months after completion as our main home and letting out our existing house to our daughter and her boyfriend. In this case would (a) we be able to claim back all VAT paid for goods and services involved in the building of it and (b) would 12-18 months be a long enough period for it to be considered exempt from capital gains tax as it would be our main house?
Or am I missing the bleedin' obvious?
Thanks
