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TaxRobin, Tax Consultant
Category: Tax
Satisfied Customers: 32043
Experience:  International tax
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My wife and i inherited some land from her grandfather some

Customer Question

my wife and i inherited some land from her grandfather some 10 years ago .it is now being sold for development . what are the tax implications
JA: When was the property or asset sold?
Customer: hopefully all should go through this week
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 17 days ago.
Category: Tax
Expert:  TaxRobin replied 17 days ago.
If you sell for more than the INHERITED TAX VALUE you will pay tax on that gain. 

You should use the market value of the property when working out your gain if you do not know the value when inherited.

Customer: replied 17 days ago.
what is the percent
Expert:  TaxRobin replied 17 days ago.

you'll pay 18% capital gains tax (CGT) as a basic-rate taxpayer, or 28% if you pay a higher rate of tax.