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 HM Accountax Ltd Your Own Question
HM Accountax Ltd
HM Accountax Ltd, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 697
Experience:  I am an accountancy professional with more than10 years hand on experience in audit, accountancy and tax affairs.
74131858
Type Your Tax Question Here...
HM Accountax Ltd is online now

How to contact a tax advisor? I have given a piece of

Customer Question

How to contact a tax advisor?
I have given a piece of agricultural land to my daughter who lives in the UK. The land was subsequently developed into building land which was in turn was sold. A significant capital gain has (will be made). She would have to pay a significant amount of tax. The payment has not yet been made (pending the sale to be registered with the land registry)
Could my daughter reject the gift?
What would need to be done so no tax liability would ensue?
Submitted: 11 days ago.
Category: Tax
Expert:  HM Accountax Ltd replied 11 days ago.

Hi,

I am an advisor at JA and happy to assist you.

If the land is transferred in land registry to daughter then unfortunately, she cannot reject the gift. She'll end up paying CGT.

Regards

HMAT

Customer: replied 8 days ago.
Hello,
understand this part of the answer. Now the land, when transferred had a minimal value. This land is in the land registry, but the subsequent resale of the land has not yet been registered to the name of the buyer. This will happen sometime the next few months (the purchase contract was signed in 2020). No payments will be made until the land has been registered in the buyers name. My daughter needs to submit her tax declaration before end of march. What is the situation here?
Expert:  HM Accountax Ltd replied 8 days ago.

She needs to submit with in 30 days of completion of transactio.

Customer: replied 8 days ago.
Which transaction? There are several transaction: The gift of land plus one intermediate step and then the sale of the land.
Expert:  HM Accountax Ltd replied 8 days ago.

Sale of land