I believe this has been answered at some stage in the most recently 'old' forum (as opposed to the old one before the last one ) but what is the CGT situation in these cases:
1) Own home, chop chunk of land off, sell. CGT apply or not?
2) IP, chop chunk of land off after 12months, sell. This obviously has CGT implications, but at what point is the new block deemed to be in your possession (and hence qualify for the 50% CGT discount)?
Thanks in advance.
1) Own home, chop chunk of land off, sell. CGT apply or not?
2) IP, chop chunk of land off after 12months, sell. This obviously has CGT implications, but at what point is the new block deemed to be in your possession (and hence qualify for the 50% CGT discount)?
Thanks in advance.