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Where Taxpayers and Advisers Meet

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by simpsonite
Thu Jun 25, 2009 11:35 am
Forum: Capital Gains Tax, CGT
Topic: Entrepreneurial Relief
Replies: 2
Views: 461

Entrepreneurial Relief

Hi all, Client has sold a piece of land in 08/09. This was part of a working farm which ceased back in 1989. Client was holding off sale to wait for planning permission. As this land was originally part of the Farm, would Entrepreneur relief be available or would it fail because it was sold after 3 ...
by simpsonite
Thu Jun 25, 2009 11:26 am
Forum: Capital Gains Tax, CGT
Topic: Date of disposal for CGT
Replies: 2
Views: 494

Date of disposal for CGT

Hello all, My client sold a parcel of land & contracts were exchanged on 30/03/07. This would normally be the date used for CGT. But the sale was conditional on obtaining planning permission. The sale was completed on 11/04/08. My understanding is that as the contract was a conditional one then i wi...
by simpsonite
Wed Jun 24, 2009 2:46 pm
Forum: Capital Gains Tax, CGT
Topic: Land disposal
Replies: 6
Views: 782

Re: Land disposal

Ok thankyou both for clarifying that point for me.
by simpsonite
Wed Jun 24, 2009 2:03 pm
Forum: Capital Gains Tax, CGT
Topic: Land disposal
Replies: 6
Views: 782

Re: Land disposal

So for base cost purposes doesn't the son effectively have a free uplift in value to 2003 MV?
(To replace March 82 value)

So his base cost is the just the total value of land at 2003?

He effectively acquires his father's half share in 2003 at probate value (so no cgt implications at that time)
by simpsonite
Wed Jun 24, 2009 12:56 pm
Forum: Capital Gains Tax, CGT
Topic: Land disposal
Replies: 6
Views: 782

Re: Land disposal

yes, my client acquired his father's half on death in 2003.
by simpsonite
Wed Jun 24, 2009 12:05 pm
Forum: Capital Gains Tax, CGT
Topic: Land disposal
Replies: 6
Views: 782

Land disposal

Hi there, My client disposed of a parcel of land in 08/09. The land was originally purchased by his father in 1981. My Client's father put both their names on the title deeds at that time. Father died in Dec 2003. My client effectively acquired sole ownership in probate. For base cost purposes then ...

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