My father transferred a small plot of land 0.86 to my self and my brother an old garden area and sheds in 06/01/2001 this was registered with the land registery.
The land was originaly part of 2 cottages which we own but was separated out as separate item and has its own title number SL137899 Edition Date 06/05/2009.
It is simply described on the title dead as freeholdland land to the North of cottage A and cottage B 0.089 Acre
We now wish to sell this land to a friend for £100,000 splitting the sum 50 50 between my brother and I.
I earn about 10K from a rented property and my brother earns apro £30K and has a rental incom of £1000 /month from a cottage and rent from my parents as their house was transferred to my brother but allowing then to stay in the property for their natural lives (hence they pay my brother rent so they are not deemed to gaining benefit)
What capitagains tax will we be liable and is this personal capital gains or will it be treated as a commercial sale.
Is capital gains tax rate affected by your Personal income ie salary and rental income or it treated as a totally separate item. depending on the gain which in our case would be value 04/06/2001 40K and todays value 100K being a profit of 30K each
Sorry if this is long winded and disjointed but would be very gratfull if someone can provide free advice so we can financialy plan ahead , Hope you are all safe from covid
Many thanks Bryan
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