Hi Thanks for your question - I am Sam and I am one of the UK tax experts here on Just Answer.
Could you expand on the position please.
Was this a working farm right up to the date of sale, if not when did it cease to be used for agricultural purposes and when was the date of sale
Was this bequeathed through a will
Is there any planning permission for any of the land, if so when was this applied for and is this area separated from the rest of the land
Did the sale at auction represent the true market value of the land/buildings?
Please advise further
no answer received
can you tell me is there any tax relief on the sale of agricultural land and buildings.. the land did belong to myself and my wife before she passed away 3 years ago. up until recently this was rented out and I believe it was used as various types of farming over the last 40yrs while it was rented out.. I believe the sale price was a realistic market value.
Thank you Sam . can you tell me is the rate of capital gains tax based on my income before tax or after ?
Also can losses on sale of shares be set against gains on property/land sold?