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TaxRobin
TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 15314
Experience:  International tax
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Am I allowed to give away moneys received from the sale of

Customer Question

am I allowed to give away moneys received from the sale of inherited land before tax?
also am I allowed to claim for necessary items to help me with my substantial disabilities-
I receive the higher rate of disability allowance mobility
Submitted: 1 year ago.
Category: Tax
Expert:  TaxRobin replied 1 year ago.
HelloYou would not be allowed to claim relief from CGT based on giving away the proceeds. The tax would apply on your gain from the sell.You would use the value of the property for your cost and the the difference in that and the sell amount is gain or loss.You can deduct the costs to sell but not your personal expenses.
Expert:  TaxRobin replied 1 year ago.
If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed).

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