How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4950
Type Your Tax Question Here...
bigduckontax is online now

I have an acre of land that a property developer is trying

This answer was rated:

I have an acre of land that a property developer is trying to get planning permission on. Rather than selling the land to him for cash (which would be subject to CGT) he has offered to build us 2 houses on the land and to keep the other 6 for himself. Could you tell me the tax implications please?

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

In my opinion the land area used by his six houses would be deemed a disposal and Capital Gains Tax (CGT) due on any gain using a the current market place valuation.

I am so sorry to have to rain on your parade.

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.