Sale of Plot of Land

Hi My 2 siblings and I have just sold a plot of land of approx 1/3 acre. The land is just waste grass land and has never had any building / dwelling on it. We assume that this is therefore not classed as residential property and will be subject to the CGT rate of 20% not 24% (we are all higher rate tax payers ) . Please could you confirm that this is correct ? Thanks

Hi Jane,
If the land is considered to be residential, then the CGT rate would be 24%.
If it is deemed non residential land, then the rate would be 20%.  
Please have a look at the guidance here:
SDSLTM00440:
SDLTM00440 - Scope: what is chargeable: land transactions: garden or grounds - definitions
Onwards for more information. 
Thank you.