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Capital Gains Tax Question


dx100uk
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i often get earholed to help people

 

this one is something i've no exp about.

 

a friend lives and totally owns [no outstanding mortgage or anything]

 

a large property with large amount of land.

 

two sides of his estate have recent housing estates [5-10yrs] along them

 

the rather large home builders have over many years exerted a reasonable

amount of pressure & offers for him to sell the whole lot

 

as he had a family etc he was never interested in their offers.

 

through one thing and another [deaths, kids growing up moving out etc]

 

he now wants to investigate selling up and moving

 

strangely had the company approached him asking the usual questions recently

 

obv this time he has shown a wee bit more interest in what they have to say than before.

 

the additional land does not have planning permission

 

but would easily get it with regard to the two bounded sides already having been developed.

 

the deal is worth a considerable amount of money &

would easily set him and all his extended family up for the rest of their lives with no worries

 

he is concerned if he will have to pay capital gains tax [ and lose 40%?]

 

as the company are asking him to get the 'option to build' sorted out prior to the sale.

 

i know nothing about this game.

 

can anyone enlighten me if he would get stung & lose 40% to CGT?

 

there is far more to the story than this if its needed.

 

thanks

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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only one

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

nope he didn't at all

 

was a small holding farm 25yrs ago but got too old and had to look after dying wife for

many many years too .

 

i'll go read.

 

thanks HB

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Here you go. There are a few caveats, like if he used the place for business or rented it out in the past.

 

http://www.hmrc.gov.uk/cgt/property/sell-own-home.htm

 

HB

Hi DX, if private residence then no CGT,

 

if obtained OPP on land and sold land separately there would be CGT on land sale with reliefs .

 

There would be architects fees for drawings even for an OPP application and fairly substantial council application fees.

 

He could approach the planners prior to application and see what they would allow in principle.

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Any help I am able to give is from my own experience only. Should you have any doubt you should contact a qualified professional.

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ok thanks for that.

 

he wants to sell the whole lot property and the land, no split.

 

so looking like he shold be ok.

 

reading between the lines, the company wants the whole lot too

and have already mentioned that they will cover and pay for all fees etc etc everything

just wants him to start the option planning permission process.

 

that the way i read it anyhow.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

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