This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our Cookie Policy.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Where Taxpayers and Advisers Meet

CGT on bare land help

Hermlad
Posts:1
Joined:Fri Jul 30, 2021 8:28 am
CGT on bare land help

Postby Hermlad » Fri Jul 30, 2021 11:27 am

Hi

So my parents recently sold a piece of land the purchased for £20,000 for roughly £111,000. Now I'm guessing they will have to pay capital gains but am trying to work out at which rate, can anyone give us a bit of guidance, the land is in both their names so didn't know if this has an effect? Their earnings are under tax threshold.

Appreciate any help

Thanks

pawncob
Posts:5090
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: CGT on bare land help

Postby pawncob » Sun Aug 01, 2021 9:46 am

https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg21000
With a pinch of salt take what I say, but don't exceed your RDA


Return to “Capital Gains Tax, CGT”