Selling some land.

[andrew1707]

A friend of mine is thinking of selling the bottom half of his garden to developers who plan to build on it.
What, if any, tax would be payable on this transaction?

Thanks in advance
A

[wolf63]

hello bro

[Kristal53]

I think it would be capital gains tax - the Inland revenue give you a personal allowance which i think is around 13K per person so if two people own the house/garden then they can make 26k on the transaction before having to pay anything.

[Buenchico]

The only tax which might apply would be Capital Gains Tax but, since the land is currently part of his primary residence, I can't see how he could fall foul of it. (I sincerely hope not anyway; otherwise the tax man might take an interest in the part of my garden I sold to my neighbour a couple of years ago!).

Chris

[wolf63]

Chris - noisy? Any word from her?

[Buenchico]

(With apologies to Andrew):

She's still missing, Wolf :(

[wolf63]

No need to apologise to Andrew. Chris - meet my little brother Andrew.

Many some of your neighbours know where her other home was - it would be nice to know if she is okay.

Susan

[andrew1707]

Chris>No apologies needed.
Sue> I believe I missed you earlier when you called. I was prob doing some manly things outside.

and thanks to all for the answers so far.

[wolf63]

No - you and the kitties were going swimming. Sounds like loads fun. ;-)

[andrew1707]

Ah, yes....me and the three monkeys down the swimming pool. All I can say is I have earn my cider tonight.
Try taking your two down the pool just to get an idea what it is like.
a

[wolf63]

At least my two were toilet trained at about two months of age.

Have you tried this - http://www.dailymail....?ICO=most_read_module

or seen the above video.

I am off to bed - it has been a tiring day.

http://www.youtube.com/watch?v=cLbjL9AuV8A&feature=player_embedded

[buildersmate]

The thread seems to be full of chat nonsense so one wonders if this is serious.
The answer that Chris gave you is correct unlesss you are selling part of a very large garden, greater than 0.5 hectares (1.25 acres), in which case CGT may be payable.

[wolf63]

buildersmate - yes it is a serious question. I was a tad manic last night and took the opportunity to 'speak' to my brother whilst I had him cornered. My sense of judgement gets a little blurry when like that. :-(



:-)

[andrew1707]

Thanks BM