Thank you for your reply.
Lets say 2 individuals pay for land costing £90,000. they have effectively gifted (7/9x90) £70,000.
Provided they survive for 7 years from the date of making the gifts, the gift itself is out of scope of IHT.
Now we come to CGT -
The plot of land is sold for say £225,000 giving rise to a capital gain of £135,000 equivalent to £15,000 per owner.
Assuming all are basic rate taxpayers, then CGT payable would be (15,000-11,100) £3,900 x 10% = £390 per owner
in total (390 x 9) £3,510
I hope this is helpful and answers your question.
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