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# Bought Agricultural Land 7acres 1965 two thousand 150pounds Sold

### Resolved Question:

Bought Agricultural Land 7acres 1965 two thousand 150pounds
Sold this year for seven thousand what tax is payable
Submitted: 2 years ago.
Category: UK Tax
Expert:  taxadvisor.uk replied 2 years ago.
Hello and welcome to the site. Thank you for your question.

Capital gain on sale is (7,000-2,150) = £4,850

You are entitled to gains allowance of £10,900 before any gain is taxed. If you have not availed it this year, then your gain is covered by the allowance and there is no capital gains tax payable.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 2 years ago.

Sorry it was 70 thousand

Expert:  taxadvisor.uk replied 2 years ago.

First of all, as the asset was bought in 1965. If you owned the asset on 31 March 1982, you'll need to work out the market value of the asset at 31 March 1982. You will use this in your Capital Gains Tax calculations instead of your actual costs up to that date.

Let's assume the valuation at 31 Mar 1982 was £28,000 and not £2,150. Your gain becomes (70,000-28,000) £42,000.

Your gain after gains annual allowance is (42,000-10,900) £31,100.

Capital gains tax rate on this gain will be 18% or 28% or a combination of both depending on your total income in the tax year of sale.

If you have no other income then this gain will be taxed at 18%.
If you already have other income and it is at least £32,010 after personal allowances then the gain will be taxed at 28%.
If your income after allowance is say £20,000 then first (32,010-20,000) £12,010 of the gain will be taxed at 18% and the balance (31,100-12,010) £19,090 will be taxed at 28%.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Category: UK Tax
Satisfied Customers: 4507
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
Expert:  taxadvisor.uk replied 2 years ago.
Michael, thank you for accepting my answer.

Best wishes

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