CGT, oap

[jonc57]

My mother in law,a 70 yo oap, is in the process of selling a small portion of land that she inherited from her late husband. This land has no dewelling, is approx 10 acres and has been valued by an auctioneer at around 80,000 euro. Would the fact that she is an oap and in extremely poor health help reduce her CGT liability. John

 

[ubiquitous]

No, but she may be entitled to some other reliefs including possibly retirement relief available to over-55s. If these are unavailable the tax bill will arise only on the increase in value since she inherited the land. As with all CGT issues of this nature, you really need to engage professional tax advice to ascertain and hopefully minimise the liability.