Land with Planning Permission - Tax?

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  • Land with Planning Permission - Tax?

    If you are left a piece of land with planning permission and you sell are you liable to any tax (CGT etc.)? Does it make any difference if you are high/low tax bracket?

    Cheers.

    Blighty

  • #2
    Was the piece of land valued after the PP was granted. I.E. the open Market Valus at the time.date of the gift/Inheritance. Regards Peter

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    • #3
      Pete,

      Not had it valued before or after.

      Cheers.


      Blighty

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      • #4
        You need the asset valued at the date of the gift. You need to use a qualified surveyor. Yes your IT tax postion will effect the CGT 18% or 20%.
        How long have you been the owner of the land. Regards Peter

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