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Where Taxpayers and Advisers Meet

Taxation in land transfer

MAttu
Posts:2
Joined:Sat Jul 27, 2024 8:23 pm
Taxation in land transfer

Postby MAttu » Tue Sep 10, 2024 6:46 pm

Hello

I own some land in my own name , bought in 2019 and paid about 60k, can I transfer the land to a limited company without paying tax, or would stamp duty and capital gains be payable? I think the land maybe worth between 60k and 80k now.

Thanks in advance.

bd6759
Posts:4360
Joined:Sat Feb 01, 2014 3:26 pm

Re: Taxation in land transfer

Postby bd6759 » Wed Sep 11, 2024 8:12 am

CGT will be payable if there is a gain.

SDLT is also payable.

MAttu
Posts:2
Joined:Sat Jul 27, 2024 8:23 pm

Re: Taxation in land transfer

Postby MAttu » Wed Sep 11, 2024 9:59 am

Thanks

Any ideas what the tax would be in say a 20k gain in value and the stamp duty? Based on an 80k sale.

AGoodman
Posts:1860
Joined:Fri May 16, 2014 3:47 pm

Re: Taxation in land transfer

Postby AGoodman » Wed Sep 18, 2024 2:37 pm

Taxable gain would be £20,000-3000 = £17,000. Subject to tax at 18%,24% or a bit of both depending on your marginal rate.

There is no SDLT on £80,000 non-residential land as the threshold is £150k


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