Hi there,
Has anyone out there had any experience with the above?
Brief summary of our situation: inherited land in 1999, stamp duty was paid, land was rezoned from agricultural to residential in 2008, and the above tax kicked in in 2009.
Our PPR is on the land, the house itself would be worth about 100k, but because of the address and the developmental value, the house and a half acre site around it could potentially sell for 320k.
Would this sale be liable for 80% windfall tax? We have all the literature that is available on revenue. Just wondering has anyone had any experience with this kind of tax. Very few seem to know about it.
Has anyone out there had any experience with the above?
Brief summary of our situation: inherited land in 1999, stamp duty was paid, land was rezoned from agricultural to residential in 2008, and the above tax kicked in in 2009.
Our PPR is on the land, the house itself would be worth about 100k, but because of the address and the developmental value, the house and a half acre site around it could potentially sell for 320k.
Would this sale be liable for 80% windfall tax? We have all the literature that is available on revenue. Just wondering has anyone had any experience with this kind of tax. Very few seem to know about it.