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Where Taxpayers and Advisers Meet

CGT on gifted land

Johnmeadows
Posts:6
Joined:Wed Dec 08, 2021 6:32 pm
Re: CGT on gifted land

Postby Johnmeadows » Fri Dec 10, 2021 9:03 am

Thanks for your help…I just need to find a way of determining the value when it was gifted.not sure how this is done but might need to demonstrate to HMRC so need to be clear on the calculation. The gain will be more than my annual allowance and as it was a gift there wouldn’t be any cost. A bonus is that my wife has a financial interest so double the allowance but I’m very confident that the sum of both allowances will be exceeded. Any ideas how to estimate the value when gifted?

pawncob
Posts:4877
Joined:Wed Aug 06, 2008 4:06 pm
Location:West Sussex

Re: CGT on gifted land

Postby pawncob » Fri Dec 10, 2021 11:10 am

First call would be on your father's records. Was a solicitor involved? Was CGT paid at the time? Was a figure used for SDLT?
If records not found, get a valuer to value it. Choose one who is prepared to defend their value against HMRC if necessary.
With a pinch of salt take what I say, but don't exceed your RDA


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