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Sale of Land

Sulew17Sulew17 Well-KnownRegistered Posts: 174
Hi, I'm hoping somebody can give me some advise. I'm a level 3 student but have been asked if someone sells a small piece of land - approx quarter of an acre (part of their garden according to the house plans) if they would be liable for Capital Gains or any other tax?

I appreciate that you're all very busy at the moment with deadlines, etc, but would be grateful for any help that you could give me.

Many thanks.

Su

Comments

  • DeanDean Experienced Mentor DevonRegistered Posts: 646
    Sulew17 wrote: »
    Hi, I'm hoping somebody can give me some advise. I'm a level 3 student but have been asked if someone sells a small piece of land - approx quarter of an acre (part of their garden according to the house plans) if they would be liable for Capital Gains or any other tax?

    I appreciate that you're all very busy at the moment with deadlines, etc, but would be grateful for any help that you could give me.

    Many thanks.

    Su

    Gut instinct would say no, there will be no charge to capital gains tax as it would be covered by their principal private residence (PPR) relief!

    However, you should really tell them to seek professional advice in a more formal sense as there are a few variables to consider.

    Regards

    Dean
  • DeanDean Experienced Mentor DevonRegistered Posts: 646
    Oh and regards to other taxes, again that'll depend on amounts involved.

    Regards

    Dean
  • Sulew17Sulew17 Well-Known Registered Posts: 174
    Thanks Dean - much appreciated.

    Su
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