Tax advice

[neilo]

Roll over relief is why 100acres next door just sold for £20k an acres…for mainly grass!

That block with the dodgy house on it and the suspect neighbours?

 

[serf]

In my name about 15yrs and PP gained about 3 yrs ago.

Will you have to get footings in or test dig to be deemed started for council purposes incase you don't manage to sell for a while ,
presume you got 2 years left or reapply for PP

 

[Alwaysinit]

Will you have to get footings in or test dig to be deemed started for council purposes incase you don't manage to sell for a while ,
presume you got 2 years left or reapply for PP

No I'm ok that way. Outline pp gained a few yrs ago and just got full pp a few months ago, so think I've 5? yrs to make a start.

 

[Kidds]

Check the decision notification letter, it will say on there but I would think it was 3 years not 5.

 

[serf]

Check the decision notification letter, it will say on there but I would think it was 3 years not 5.

I thought it was 5 yr for standard resi pp and 3 for permitting development class Q type and the 5 yr is a demand to start by 5 yr and the PD is to complet it in 3 years ?

 

[Kidds]

I thought it was 5 yr for standard resi pp and 3 for permitting development class Q type and the 5 yr is a demand to start by 5 yr and the PD is to complet it in 3 years ?

Could well be, still worth checking to be sure.

 

[Blue.]

That was the plan but things have changed. But I was also told today that if HMRC thinks that was you're intention all along then they can come at you for tax. How they prove it was you're intention all along I'm not sure.

How can they know it was your intention?
Things change all the time.

 

[serf]

How can they know it was your intention?
Things change all the time.

They will get the thought police dept. from the council to look into it

 

[Alwaysinit]

How can they know it was your intention?
Things change all the time.

I'd say it would be a very grey area but I'm guessing the onus would be on you to prove it wasn't your intention rather than HMRC prove it was.

 

[serf]

I'd say it would be a very grey area but I'm guessing the onus would be on you to prove it wasn't your intention rather than HMRC prove it was.

Yep as per , guilty unless you can prove innocent...

 

[Clive]

The farm is in a partnership agreement between myself and my wife.
If we were to sell a building plot we have on the farm and reinvested the money in buying more land do you pay tax on the money gained from selling the building plot?
I will look for some professional advice in due course but in the mean time I was wondering if anyone has done similar and if it's straight forward.

you will pay CGT on the sale 28 days later ( i think 28 as that’s a recent change) you have a tax free allowance of £6000 so if owned by you and your wife you pay no tax on the first £12000 - 18 or 28% dependant on your income tax rate on the difference between purchase value (base value) and sale price


if you roll over into ag assets (land or farm buildings) you will get the tax back - i think
you have 3 years from sale date to claim it

professional advice recommended BEFORE you sell - the right accountants can reduce such bills significantly

 

[serf]

you roll over into ag assets (land or farm buildings) you will get the tax back - i think
you have 3 years from sale date to claim it

Could you get roll over relief investing the proceeds into rental properties for instance or is roll over only a like for like business asset swap ?

 

[robs1]

Could you get roll over relief investing the proceeds into rental properties for instance or is roll over only a like for like business asset swap ?

No roll over relief on buying rental properties or on selling them except in a very small exception, however holiday lets can get it if certain conditions are met.
You can roll over into buildings for any business as long as you use them not rent them out, unless you are a company that runs a business doing rentals but again the conditions are quite tight
Builders often live in a house they build or do up then sell it tax free but you need to claim it as your principal private residence.

 

[Still Farming]

No I'm ok that way. Outline pp gained a few yrs ago and just got full pp a few months ago, so think I've 5? yrs to make a start.

Is Full planning permission free of ALL conditions or Agricultural ties etc etc as this may reduce tax as worth a lot less possibly??

 

[Still Farming]

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