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What charges/relief should a client be aware of, if he sells an area of land to a property developer?

Q: My client has a fairly large house with grounds which he feels are no longer required for himself and his wife now that his children have flown the nest and has been approached by a property developer who has offered him a generous cash sum to purchase part of his garden from him, what tax charges/relief if any should he be aware of?

A: With ever decreasing available land for building and the rewards that releasing land for resale can bring many individuals who own established properties with excess garden and grounds are often offered cash sums to part with parcels of land to adjoining neighbours or property developers.

There are various relieving provisions within the legislation that can provide the landowner with tax free amounts on the basis that a few basic rules are adhered to.