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blighty
07-10-2011, 17:14 PM
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

TaxationPete
07-10-2011, 19:39 PM
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

blighty
08-10-2011, 11:44 AM
Pete,

Not had it valued before or after.

Cheers.


Blighty

TaxationPete
08-10-2011, 11:59 AM
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