I was gifted a piece of land by my parents 13 years ago (value 11k at that time), Ive just recently sold it for £50k. My annual income is around 30K. Selling cost around 2.5k. Not entirely sure how much CGT i will need to pay. How do I calculate what I need to pay? Im thinking there is a taxible gain of 50k-11k (initial value)-11k CGA- 2.5K costs leaving taxible gain of around 25k. Do I pay 10%, 20% or 28% on the 25k? A worked example from someone would be helpful.
Thanks in advance.
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