CGT calculation on sale of agricultural land

bozd

Thought this would have been easy to search but not having much luck. So 25years ago bought 10 acres for 30,000 and valued at 80,000, if I sell what is the liability or where do I find the information. Is 50k the amount assessed or allowances claimable. Thanks

Fedlot

bozd wrote: »

Thought this would have been easy to search but not having much luck. So 25years ago bought 10 acres for 30,000 and valued at 80,000, if I sell what is the liability or where do I find the information. Is 50k the amount assessed or allowances claimable. Thanks

Get an accountant to work it out for you as there are reliefs and offsets . Should be small fee but worth it.
Note - you can claim indexation relief which depending on the exact date you acquired would be around 25% uplift in the original cost - look up cgt indexation tables -
You will also have acquisition costs and disposal costs to claim .
But really there are a lot of questions to go thru which can save you tax and advice is to ask an accountant .
Eg
Firstly did you farm it ? If so , Are you entitled to retirement relief ? Is it I sole name or joint names?
Are you entitled to entrepreneurs relief ? Do you have prior losses to offset ? Have you incurred expenditure on the land ? Is the 30k euros or punts ?

bozd

Fedlot thanks for the information and advice, very helpful. only a hobby with some cattle and such. makes sense to claim solicitors fees etcc as percentage of original cost of place.