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Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Do we own capital gain tax in gifted land? My parents gifted

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Do we own capital gain tax in gifted land? My parents gifted me some grassland, at the time of transfer it was £1,500. Since the transfer I have got planning permission for a self build house that I will live in. The value of the grassland was below any capital gains threshold. Also at the time of transfer it would not have been reasonable to assume that planning permission would be granted as it was against the planning authorities policies because they believed the location was unsustainable. Can you advise if capital gains tax would be due?
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Will this be your primary home please?

Customer: Yes it will be
Alex Watts :

Then there will be mo capital gains tax payable.

Alex Watts :

You only pay capital gains tax if you buy, develop and sell for profit.

Alex Watts :

If it is your main home then capital gains tax wont be payable

Alex Watts :

Can I clarify anything for you about this today please?

Customer: I don't think so, that's helpful. Thank you
Ash and 2 other Property Law Specialists are ready to help you
Customer: replied 3 years ago.
Sorry one other thing, will I be liable to pay inheritance tax at any point?
I was gifted more than 7 years before they die, no.


Customer: replied 3 years ago.