There are a number of reliefs available in respect of certain acquisitions (generally by property traders) of residential property. They apply only in respect of areas of land that do not exceed the ‘permitted area’.

The definition of ‘permitted area’ follows that in the capital gains tax main-residence relief – i.e. any property with an area of 0.5 ha or less will qualify. Larger properties will also qualify if ‘required for the reasonable enjoyment of the dwelling as a dwelling having regard to its size and character’.

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