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Where Taxpayers and Advisers Meet

CGT rate on sale of inherited land

johnnie
Posts: 4
Joined: Tue Oct 23, 2018 6:59 pm

CGT rate on sale of inherited land

Postby johnnie » Tue Nov 06, 2018 4:32 pm

TO bd6759 » Thu Nov 01, 2018 1:16 am
Thank you for your explanation but I'm confused by TaxationWeb's response to "Sale of land with planning permission" (FROM 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 whether or not CGT is, in this instance, income based, or a set 20%?

SteLacca
Posts: 419
Joined: Fri Aug 07, 2015 2:17 pm

Re: CGT rate on sale of inherited land

Postby SteLacca » Wed Nov 07, 2018 2:13 pm

Both 20% and 28% are CGT rates. However, Government has set different rates for residential property compared with all other gains, hence the distinction.

Neither represent tax as income.


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