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liable for capital gains?

jack77 · 2012-02-17 18:55:12

Hi all, My friend was gifted land about 15 years ago and now wants to sell some of it. will he be liable for CGT on the current value of the land or is it exempt since hes retained ownership for so long? dont know if he had a valuation done on it at the time

17-02-2012 6:55pm

#1

jack77

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Posts: 86

Hi all,
My friend was gifted land about 15 years ago and now wants to sell some of it. will he be liable for CGT on the current value of the land or is it exempt since hes retained ownership for so long?
dont know if he had a valuation done on it at the time

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Comments

#2 17-02-2012 8:13pm

Shane732

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The sale of land is within the charge to Capital Gains Tax. Ultimately whether any tax is payable will depend on the chargeable gain accruing on the land.

Please don't let this thread descend in the normal property malarkey

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