In march 04 I purchased a building site and am presently building a house theron for my own ocupation. It has been indicated that it should be possible to have another site passed on the property (total acreage approx half an acre)
On completion the house will become my principal private residence and I understand I will be able to sell off the other site (if passed) free of cgt. My query relates to whether I can apply for outline planning at this stage or if this would constitute expenditure on the site and negate any tax advantages? Is there any time limit on occupation? Any comments ,help, advice would be greatly appreciated.