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After looking at my latest Pension forecast I realise I will have to make some money elsewhere if I want to retire at a decent age
Over the years I've done quite well out of property, by buying ones that need work, move into them, do them up & flog em on. Big plus of this is it's tax free profit After a bit of investigation I have found local councils are getting huge pressure from the Goverment to infill in villages / towns instead of releasing more green belt for builders. You probably have noticed, as I have, the number of properties being crammed into every spare space.
So the current thinking is, buy a property in a village, where council are supporting infill, with a large enough plot of land to build another house. Question is whether to get planning permission & sell land to developer, or go the whole hog & build & then sell.
One big influence on this is are you liable to tax for just selling off land ? My initial thoughts are you shouldn't be, as you are selling part of your property which will be devalued accordingly. Any Tax experts out there know the answer ?
Ultimately want to sell land to pay off mortgage & hopefully a bit left towards earlier retirement.
Over the years I've done quite well out of property, by buying ones that need work, move into them, do them up & flog em on. Big plus of this is it's tax free profit After a bit of investigation I have found local councils are getting huge pressure from the Goverment to infill in villages / towns instead of releasing more green belt for builders. You probably have noticed, as I have, the number of properties being crammed into every spare space.
So the current thinking is, buy a property in a village, where council are supporting infill, with a large enough plot of land to build another house. Question is whether to get planning permission & sell land to developer, or go the whole hog & build & then sell.
One big influence on this is are you liable to tax for just selling off land ? My initial thoughts are you shouldn't be, as you are selling part of your property which will be devalued accordingly. Any Tax experts out there know the answer ?
Ultimately want to sell land to pay off mortgage & hopefully a bit left towards earlier retirement.