Thomas Keatley

Thank you for the reply. How do I provide a base value on the basement if it was purchased as combined with the flat? Thank you!

Hello. I am currently selling my flat and basement separately, for £219,995 and £39,995 respectively. When I purchased the flat for £95,000 back in 2017, the flat and basement were purchased with both titles in the price. The basement has only ever been used as storage as it's currently uninhabitable. I'm not sure where I stand on capital gains tax on the sale of the basement, would it be considered to be within the Private Residence Relief, as it was used as an ancillary to the flat? Thanks In advance !

Hello! I have a niche query regarding capital gains tax on a basement that I am in the process of selling. I purchased my flat for £95,000 in 2017, which included the title for the property combined with a title for the basement below. I have since split the title deeds so they are separate as I was interested in developing the basement. , currently the basement is only suitable for storage as it's uninhabitable without a significant amount of investment. I have since accepted offers on my flat for 219,995 and has a separate offer of £39,995 for the basement . However I am unsure if capital gains tax is required on the sale of the basement as I purchased it as one with the flat, as well as it not being a place of residence. I don't see this issue covered in the gov.uk information, any advice would be greatly appreciated. Thank you!