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: 4935
Type Your Tax Question Here...
bigduckontax is online now

I sold a share in a piece of agricultural land with

This answer was rated:

I sold a share in a piece of agricultural land with residential planning permission in December 2016. We had previously sold the option to purchase to a residential developer. When residential planning permission was approved, the option was exercised and the land sold. At the time of the sale, building work had not started. On my tax return is the sale counted as “Residential property and carried interest” or “Other property, assets and gains”?

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

'Other property, assets and gains,' it does not become residential until a dwelling is erected. The gain should be taxed at 10% or 20% or a combination of the two rates depending on your income including the gain in the tax year of disposal.

I do hope that you have found my reply of assistance.

Post to unlock my question list.

bigduckontax and other Tax Specialists are ready to help you

Thank you for your support.