CGT calculation on barn conversion

Please advise, we bought our main residence in 1994 for 95K . It included a barn with lapsed outline planning permission for conversion to a holiday let. In 2002 we converted it to a dwelling and have rented it out since 2003. How would CGT be calculated if we sell it separately now from our house title ? Thanks,

Hi,

A value would have been given on the barn at the time of purchase. Any increase in value since then would be the capital gain. You can deduct the conversion costs as these are allowable capital expenses. You can see guidance here:

CG15220 - Enhancement expenditure: cost of acquisition/enhancement expenditure

Thank you.

So, there was no separate valuation we bought a house, an attached outbuilding, the barn with lapsed outline planning permission for holiday let only and 2.5 acres in one lot.- would we therefore have to find a valuation as at 1/94 for a barn in a similar situation? Thanks again for your help .

Hi Sue,
Yes, given the circumstances.
You should attempt to obtain a barn valuation from a professional with expertise in that area.
Thank you.