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Posted Wed, 02 Aug 2023 12:16:41 GMT by
Hi i want to check if residential carpark space entitled for capital gain relief? If it is not entitled for capital gain relief , want to check the capital gain tax rate. Since In our home country, car park space is classified as non-residential property, is it 10/20%? Thanks alot
Posted Tue, 08 Aug 2023 11:53:48 GMT by HMRC Admin 32 Response
Hi,

To answer this in full, can you confirm if the space is within residential property grounds eg driveway.

Thank you.
Posted Tue, 08 Aug 2023 12:10:23 GMT by
Hi, there are over 300 car parks space at the 1/F of severals buildings, 2/F is the estate podium and 3/F or higher are residential apartments. Property owner has to take around 10 mins from their apartment to the carpark space to take up the car. In my home country - Hong Kong, the govt classified the car park space as non-residential property, and would like to check with HMRC if it is the same.
Posted Tue, 15 Aug 2023 12:31:42 GMT by HMRC Admin 10 Response
Hi
As the parking space is not attached to the property, we would also consider the parking space as not residential property.  
There is guidance at Residential Property gains.

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