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Where Taxpayers and Advisers Meet

Cgt

Kimmy13
Posts:2
Joined:Tue Aug 15, 2017 7:51 pm
Cgt

Postby Kimmy13 » Tue Aug 15, 2017 7:58 pm

Hi
I have a friend who has sold a field,what's best way to work out capital gains tax? She inherited it so I have told her to take amount it was worth when her dad died to the amount she has sold it for and cgt on the difference after personal allowance, apart from normal deductions she can take of, is there any other way we can make her capital gains less, nothing planted in field and it's not part of her garden. Thanks

SteLacca
Posts:448
Joined:Fri Aug 07, 2015 2:17 pm

Re: Cgt

Postby SteLacca » Thu Aug 17, 2017 1:33 pm

Has the land been used for grazing? If it has, then it could be treated as a trading activity and the possibility of a claim to holdover relief arises. However, this requires the signature of both the vendor and the purchaser.

Otherwise, I'm afraid as you have outlined is about it.

Kimmy13
Posts:2
Joined:Tue Aug 15, 2017 7:51 pm

Re: Cgt

Postby Kimmy13 » Thu Aug 17, 2017 3:34 pm

Thank you


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