Hi, I have the chance to buy and demolish an old storage building and build a set of three terraced houses and want to live in one of them.
Firstly the old building has asbestos sheets in it, if I have the correct ppe can I remove it myself and take it to the correct place for disposal.
How does it work if I want to build these houses but live in one regarding the claiming of vat and taxes on the sale of the two others.
Any help really appreciated.

Comments
  • Mark Brinkley

    First asbestos. You have to check with your local council about tipping arrangements as only a few tips can take asbestos. I don’t think it’s illegal to deal with asbestos on your own property but it’s possibly not advisable. You will certainly have to bag it all up at the very least. Not really a DIY job.

    Secondly, the tax situation re three builds. There is no tax on the selfbuild element, but if you build to resale you are acting as a developer and you will pay income tax on any profit you make. None of them will have to pay VAT but you may have to form a company to reclaim the VAT from the developer builds. Also you would have to account very carefully – v tempting to load extra costs onto the taxed properties, but HMRC are hot on this as it’s fraud. You might also have to pay Community Infrastructure Levy on the developed homes.

    An alternative would be to find two other selfbuilders who you could share the project with and then stay out of the tax net altogether.

    Mark

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