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JGM
JGM, Solicitor
Category: Law
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Experience:  30 years as a practising solicitor.
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Capital Gains Tax. I have 6 acres of agricultural land attached

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Capital Gains Tax.
I have 6 acres of agricultural land attached to the country cottage [my only residence] that my husband made over to me in 1997 after our separation in 1993. Some developers may be interested in this land as part of a larger parcel of my neighbours'. Is this sale subject to Capital gains Tax please? If so at what rate?
Many thanks, Diana.
Thank you for your question.
Yes, the sale of the agricultural land won't qualify for private residence relief so you'll pay capital gains tax at a rate of 18% if you are a basic rate tax payer. You'll get a personal allowance of £11,000 to set off against the gain.
Happy to discuss further.
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