If a person owns 50% of about 1 acre of land (but ownership is in trust) with the other 50% belonging to the father. If planning permission is then granted on said land, and the father passes his ownership to the person in trust as a gift, and unlocks that person out of trust so they now own 100% of the land, is there and CGT or SDLT liability.
The land value will have gone from roughly 15,000 to 150,000,
The reason for obtaining planning before changing ownership is due to the father living on the land for 20+years and therefore gaining planning for a house,
The trust part should have been changed when the son turned 18, but this never happened, so is being resolved.
I understand there may be no SDLT liability due to the land being gifted, but there will likely be CGT, if so roughly how much, and is the annual "free" amount still £12k?
This parcel of land is not tied to any premises (except the fact the father lived there for 20 years in a caravan/shed) but could this be therefore classed as PPR?
Many thanks
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