CGT on land given by parents
Posted: Thu Apr 13, 2017 11:15 am
Thanks for all comments in advance
My parents purchased about 2 acres over 40 years ago for 6k behind their house. They then got permission and built a house on it in 1988, they sold the house 2 years later but kept half the land which they gave to my brother and I a few years ago. The land is now worth approx 80k but we are attempting planning consent and would then sell for 360k. If my parents had kept it they would be liable for no CGT with 11k annual allowance? How much will we be liable for now we own it?
Thanks again
My parents purchased about 2 acres over 40 years ago for 6k behind their house. They then got permission and built a house on it in 1988, they sold the house 2 years later but kept half the land which they gave to my brother and I a few years ago. The land is now worth approx 80k but we are attempting planning consent and would then sell for 360k. If my parents had kept it they would be liable for no CGT with 11k annual allowance? How much will we be liable for now we own it?
Thanks again