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Where Taxpayers and Advisers Meet
CGT rate on sale of inherited land
Post probate, my brother and I aim to sell an inherited piece of land. If we sell with planning permission granted, will the CGT liability on the gain be 20%, or higher? The land has only ever been used as a garden, with no buildings on it.
Re: CGT rate on sale of inherited land
18% or 28% depending on your marginal tax rate.
Re: CGT rate on sale of inherited land
Thank you but I'm confused by TaxationWeb's response to "Sale of land with planning permission" by maths on Mar 30, 2017.
That reply states that "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%)."
Please could you clarify?
That reply states that "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%)."
Please could you clarify?
