Sale of land with planning permission

[Buckswizz]

Hi
My wife and her brother inherited some land back in 2009 a developer has applied for planning permission on their behalf which is almost certain to be granted next year. So there is a big liability for cgt as the value is likely to exceed £1 million. Could they alleviate their exposures by forming a ltd company and transferring the land before it gets planning permission? I was also advised that cgt on land was taxed at a max of 20% rather than 28% does anyone have any experience in this please? Thanks in advance

[maths]

The fact that the land has planning potential means that any transfer to a company will be at market value which will take into account planning potential even if no permission has been actually granted.

CGT roll-over relief will not be available.

CGT gift relief will also not be available.

SDLT may be applicable.

CGT rate should not exceed 20% so long as there is not, and has not, been a residential dwelling on the land (otherwise rate would be a maximum of 28%).

[Buckswizz]

Many thanks for your advice!!

[Buckswizz]

Many thanks for your advice!!

Although my wife owns a property she rents out and we rent our residence, we do not own it. So hopefully sdlt won't be applicable

[maths]

My reference to SDLT was a bit curt; it should have read that any transfer of the land to a company where company and transferor are "connected" (which is highly likely) does give rise to an SDLT charge based on market value.