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Posted Mon, 29 Jul 2024 14:31:16 GMT by montgo
I have recently sold a plot of undeveloped land (no buildings on it now or in the past and no planning approval in place for any buildings). Is this classified as "property" or "other" (ie Land) in the Tax assessment form ?
Posted Fri, 02 Aug 2024 09:46:19 GMT by HMRC Admin 20 Response
Hi,
A person disposes of residential property where:
- the land consisted or included a dwelling
- the interest in land subsisted for the benefit of land that consisted or included a dwelling
- the interest in land subsists under a contract for the acquisition of land where a building is to be constructed or adapted for use as a dwelling.
If these do not apply, the land is non residential and would be entered in the 'other assets' section of the Capital Gains section of the SA return.
Capital Gains Manual CG73550 - Residential Property gains
Thank you.

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