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Horse sense
Key points
- Only half a hectare of grounds will qualify for only or main residence relief.
- Land used for a business may be eligible for rollover relief.
- Grazing income from livestock can mean that land qualifies for agricultural property relief.
- The Hyman case shows HMRC may contest claims for the mixed-use rates of stamp duty land tax.
- Arguments for mixed use are easier if the house and grounds are divided clearly.
- HMRC may highlight any failure to bring the newly acquired land into immediate commercial use.
It could be argued that it is the dream of a large number of people to own a paddock next to their house however there are many tax considerations to take into account before making the dream a reality.
Only ‘half a hectare’ of character appropriate grounds will qualify for only or main residence relief under TCGA 1992 s 222. When buying...
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