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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4972
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My 2 brothers and 1 sister own a development site, it was

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Hi, my 2 brothers and 1 sister own a development site, it was transferred from parents approx 10 years ago. We have planning for 5 houses on it and want to split the site into 4 plots, 1 in each of our names and keep the 5th plot in all 4 names for future sale. No money will change hands in this initial transaction to split the site into plots. Is CGT due now as part of the re designation of the site or only when we sell in the future? Many thanks to advise.
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
For clarity the site is currently equally owned by myself and 3 siblings.
Expert:  taxadvisor.uk replied 1 year ago.
Thank you for question...As you have already stated that no money will change hands in this initial transaction, there will be no gain/loss as a result.The transaction will be chargeable to CGT when actual sale takes place and the sale results in a capital gain. I hope this is helpful and answers your question.If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.
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Customer: replied 1 year ago.
Ok great thanks
Expert:  taxadvisor.uk replied 1 year ago.
I thank you for accepting my answer.Best wishes.

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