Capital Gains Tax on sale of land

sallyo

Registered User
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i am selling 10acres of land that is in my name. it was always in my husbands family but he is now deceased. Will i be liable for CGT.? I am selling this land to fund two children in College. if i sell it for their educational needs will this avoid CGT?
 
i am selling 10acres of land that is in my name. it was always in my husbands family but he is now deceased. Will i be liable for CGT.? I am selling this land to fund two children in College.

As you've provided no details of the value, historical ownership, or usage of this land, it's impossible for anyone to answer your question meaningfully. Capital Gains Tax is routinely chargeable on land sales but there are various reliefs and exemptions, each of which depend on adherence to specific conditions. Get professional advice.

if i sell it for their educational needs will this avoid CGT?
Not on its own, no.
 
i am selling 10acres of land that is in my name. it was always in my husbands family but he is now deceased. Will i be liable for CGT.? I am selling this land to fund two children in College. if i sell it for their educational needs will this avoid CGT?

If the land was in your husbands name and was transferred to you on his death then the value at that date or the date of the grant of probate is the base cost.

If the sales price is higher than the base cost then there could be CGT.

If your husband was a farmer then the land might be exempt under retirement relief.
 
thanks all for that, I sought professional advice and it is as you say on the value at date of death and CGT will be based on the sale price. There may be exemptions which they are looking into but its not going to be a significant amount anyway.
 
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