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Approach to developing a plot of land with two separate land registrations.
A client has a house and garden in two separate registrations. The house is in a half acre and is valued at £900 000. The garden is another half acre and is valued at £350 000. There is outlying planning permission to build two houses on the separate garden registration.
Our client does not know whether to sell both plots with planning permission which could well incur a capital gains tax charge. The house has been his principal private residence since he acquired it.
The other option is to develop the two houses himself. The question is whether this is best done in his own name or whether he should put the house and/or garden into a limited company to undertake the development.
Can readers suggest the pros and cons of either a sole tradership or a limited company? It is proposed to rent out the two houses when built.
Query 18 857 –...
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