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
Cheers.
Blighty
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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 -
Pete,
Not had it valued before or after.
Cheers.
BlightyComment
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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 PeterComment
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