Land Sale

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ludermor

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326
Hi,
I have a relation who , along with his 2 sisters own a site. They wish to sell. They have been advised that they will only have to pay capital gains tax if they are over the age of 55. Two of the people are over 55 and the other is only 50. Can someone tell me what tax would be owed to the parties concerned
Many thanks
 
Do you know why their age makes a difference. I have never heard oof this before.
 
ludermor said:
Hi,
I have a relation who , along with his 2 sisters own a site. They wish to sell. They have been advised that they will only have to pay capital gains tax if they are over the age of 55. Two of the people are over 55 and the other is only 50. Can someone tell me what tax would be owed to the parties concerned
Many thanks
Click to expand...
Are you sure that you have this the right way round. Maybe they will NOT have to pay CGT if they ARE over 55. There are provisions to sell a business without CGT if you are over 55.
 
Thanks for the reply Woods,
I did pick up the info wrong, they heard you dont pay CGT if you are over 55. can you give me some info on this and the status of the 3 person who is under 55, does she pay a third of the CGT due or would she be hit for the full amount. Sorry for making this complicated
 
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