Capitol Gains on Land
Postby billgatt » Tue Oct 23, 2018 11:34 am
I was gifted approximately five acres of agricultural land from my late parents around twelve years ago, land was valued at around £24k at that time. During my ownership I purchased a tractor (£3.5K)and a few small pieces of equipment plus fuel etc to help maintain the land. I subsequently sold the land July 2017 for £41k. Under current tax rules I pay tax at 20%. I'm aware that I can set my annual CGT allowance (£11300) and solicitor costs against the gain but are there other items I can add to these to help reduce my tax bill. It is not my intension to quote any specific figures provided through this site but if someone could provide me a hypothetical calculated example of what I could reasonable expect to pay Id very much appreciate the help.