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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 8792
Experience:  FCCA FCMA CGMA ACIS
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Was looking a little bit of advice regarding capital gains,

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Hello was looking a little bit of advice regarding capital gains
JA: What are the assets or property for this capital gain?
Customer: I'm selling a little bit of my land at present, for the purpose of development
JA: Anything else you want the Accountant to know before I connect you?
Customer: No

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

What is the overall soze of your plot?

Customer: replied 6 months ago.
The plot of land that I am selling is up for sale 86000
Customer: replied 6 months ago.
I was gifted land about 5yrs ago and I built a house on it. So selling a little piece of the land as I gained planning approval
Customer: replied 6 months ago.
Would I have substantial amount of cap gains tax to pay

What is the plot size, please?

Customer: replied 6 months ago.
The plot size that I am selling is 0.7acres

Is that the overall plot size or the bit you are selling?

Customer: replied 6 months ago.
That's the bit I'm selling

The plot is over the permitted area on half a hectare so there will be a Capital Gains Tax (CGT) on disposal. However, having improved the land there will be an allowance for that, but there will be a bill. Almost certainly the Valuation Office Agency (VAO) will be involved. That is a little known part of HMRC's empire staffed by chartered surveyors. You may need to retain a chartered surveyor to negotiate.

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