"Live/work homes are liable for both capital gains tax and business rates on the proportion of the building set aside for work."
As a proportion of the house I'd say the new office will be about 5%. If that.
Also:
"However, the Revenue admits in reality it is unlikely small domestic businesses will be hit by tax. A spokeswoman said: 'There are numerous exceptions and tax reliefs available and the likelihood is the CGT charge will be less than your personal allowance anyway.'"
If it comes down to it I'll just knock the wall down and sell it as a garage.
From that article Bernard linked to:
"Live/work homes are liable for both capital gains tax and business rates on the proportion of the building set aside for work."
As a proportion of the house I'd say the new office will be about 5%. If that.
Also:
"However, the Revenue admits in reality it is unlikely small domestic businesses will be hit by tax. A spokeswoman said: 'There are numerous exceptions and tax reliefs available and the likelihood is the CGT charge will be less than your personal allowance anyway.'"
If it comes down to it I'll just knock the wall down and sell it as a garage.
Jake