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In 2001 I inherited a field along with a large number of other

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In 2001 I inherited a field along with a large number of other family members which left me with a 27th of the share of the field. We are now selling the field so I will get 1/27th of the sale proceeds (approx £60k).
As far as I can discover I will owe capital gains tax on my portion of the sale on the difference in value between 2001 and the selling price. Is this correct? And if it is correct, how do I calculate the land value from 2001 to work out the difference?
Submitted: 1 year ago.
Category: Tax
Expert:  TonyTax replied 1 year ago.
Hi.

You are correct in that your gain will be the difference between your share of the disposal proceeds and 1/60th of the probate value of the land. If there was an executor or solicitor involved in the administration of the estate of the deceased individual who left the field to 27 beneficiaries, they should know what the probate value was in 2001.

Your only other option is to find a reputable land valuer who can give you a reliable valuation to use in your calculation of the gain. HMRC sometimes get the District Valuer involved in cases of land disposal to ensure that any valuations submitted are credible.

I hope this helps but let me know if you have any further questions.
Customer: replied 1 year ago.

Many thanks,

Can I just check "your gain will be the difference between your share of the disposal proceeds and 1/60th of the probate value of the land" why would it be 1/60th of the probate value?

Simon

Expert:  TonyTax replied 1 year ago.
My apologies. The £60K figure threw me. Your cost will be 1/27th of the probate value.
TonyTax, Tax Consultant
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Satisfied Customers: 15763
Experience: Inc Tax, CGT, Corp Tax, IHT, VAT.
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