Sale of Land

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Sulew17
Sulew17 Registered Posts: 174 Dedicated contributor 🦉
in General accounting discussion
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

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  • Dean
    Dean Registered Posts: 646 Epic contributor 🐘
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    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
    Dean Registered Posts: 646 Epic contributor 🐘
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    Oh and regards to other taxes, again that'll depend on amounts involved.

    Regards

    Dean
  • Sulew17
    Sulew17 Registered Posts: 174 Dedicated contributor 🦉
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    Thanks Dean - much appreciated.

    Su

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