by twick_query on Tue Apr 13, 2010 11:05 pm
I have similar question. My father has land that he would like to give to me. The land is agricultural and currently in use for agricultural purposes, the purpose would be to build a home for my family. At this point there is no planning permission assigned to the land that my father in thinking of giving me. Is there ways to avoid CGT to either myself or my father? The size of the land I believe to be less than 1 acre.
If the land is valued is it true that the valuation is based on the value in 1982 as long as it is agricultural land and is it this value that CGT is given at if it cannot be avoided and are there any reliefs I should pursue before making a planning application on the land.
thanks in advance for any help on my question