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CGT and Current Use Value

  • 11-01-2018 10:49am
    #1
    Buildingahouse
    Registered Users Posts: 6 ✭ 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
    Tagged:


Comments

  • #2
    davindub
    Registered Users Posts: 1,448 ✭✭✭ 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.


  • #3
    Buildingahouse
    Registered Users Posts: 6 ✭ 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!


  • #4
    davindub
    Registered Users Posts: 1,448 ✭✭✭ 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.


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