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.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 8936
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

To buy agricultural land and to split it into smaller plots

This answer was rated:

I am
Looking to buy agricultural land and to split it into smaller plots and sell it off !
Is it better to buy in my personal name or in a limited company name
?

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

Always bear in mind Benjamin Franklin's dictum that in life there are but two certainties, death and taxes! Either way the gains made on these transactions will be taxed under the Capital Gains Tax (CGT) regime at 10% or 20% or a combination of the two rates depending on your gain in the tax year of disposal.. However, if you do it in your personal name you will have an Annual Exempt Amount (AEA) of 11..3K to offset CGT. The company is not exposed to CGT, but any gains made will be subject to Corporation Tax (CT) which is at a 19%. Some time with a pencil and the back of a used envelope is needed to consider the situation.

Customer: replied 1 month ago.
Thanks

Pleased to have been able to help.

Please be so kind as to rate me before you leave the Just Answer site.

bigduckontax and 2 other Tax Specialists are ready to help you

Thank you for your support.