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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11135
Experience:  30 years as a practising solicitor.
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Capital Gains Tax. I have 6 acres of agricultural land attached

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Capital Gains Tax.
I have 6 acres of agricultural land attached to the country cottage [my only residence] that my husband made over to me in 1997 after our separation in 1993. Some developers may be interested in this land as part of a larger parcel of my neighbours'. Is this sale subject to Capital gains Tax please? If so at what rate?
Many thanks, Diana.
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
Yes, the sale of the agricultural land won't qualify for private residence relief so you'll pay capital gains tax at a rate of 18% if you are a basic rate tax payer. You'll get a personal allowance of £11,000 to set off against the gain.
Happy to discuss further.
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