CGT and Current Use Value

Buildingahouse

Hi

I was wondering does anyone know who calculates the "current use value" of part of a property for CGT calculation purposes? Is it an estate agent or an accountancy calculation?

Thanks

davindub

Buildingahouse wrote: »

Hi

I was wondering does anyone know who calculates the "current use value" of part of a property for CGT calculation purposes? Is it an estate agent or an accountancy calculation?

Thanks

Chartered tax accountant, you know it is only relevant to land which has been bought as non-development land and now is development land. So you could compare to farmland, etc.

Buildingahouse

I understand it also applies when selling part of your garden and would be used to calculate your CGT liability on that sale although would be happy to hear if that's not the case!

davindub

Buildingahouse wrote: »

I understand it also applies when selling part of your garden and would be used to calculate your CGT liability on that sale although would be happy to hear if that's not the case!

Yes it does apply unfortunately. Get an auctioneer to value the land without the development potential, run it by a chartered tax accountant and see what you can do about the liability.