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CGT on Land

SophljonSophljon Registered Posts: 4
in Personal Tax
Jim bought a small piece of land 5 years ago for £15,000. Jim sold the lad to his father for £4,000. At the time of the sale it was worth £17,500

Please can someone help?

Comments

  • hal978hal978 LondonMAAT, AAT Licensed Accountant Posts: 198
    As Jim's father is a connected person, the market value is used instead of the sale price.
    Sophljon
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