Sale of Land

Sulew17

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

Dean

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

Dean

Oh and regards to other taxes, again that'll depend on amounts involved.

Regards

Dean

Sulew17

Thanks Dean - much appreciated.

Su