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CGT calculation on sale of agricultural land

  • 22-01-2021 12:42am
    #1
    bozd
    Registered Users Posts: 90 ✭✭


    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


Comments

  • #2
    Fedlot
    Registered Users, Registered Users 2 Posts: 15 ✭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 ?


  • #3
    bozd
    Registered Users Posts: 90 ✭✭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.


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