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Capital gains after dividing land
-
keltoria23
- Posts:1
- Joined:Tue Oct 23, 2018 9:29 pm
Myself and my sister have inherited my father's property and provided relevant figures of its current value for probate. We plan to split part of the garden and sell this separately to the house, which will increase the value overall, but they will be sold separately. How will this affect capital gains tax? Thank you
Re: Capital gains after dividing land
It shouldn't make any real difference. Your acquisition value of the property is the probate value and any aggregate gains you make over this will be taxable.
If you sell the parcels in different tax years, you will need to apportion the probate value between the house and garden land.
If you sell the parcels in different tax years, you will need to apportion the probate value between the house and garden land.
Return to “Inheritance Tax, IHT, Trusts & Estates, Capital Taxes”