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1/27/2010
Sam, Accountant
Category: UK Tax
Satisfied Customers: 17,135
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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Thanks for your question
The capital gains are calculated by the sale price less the purchase price, less legal fees to buy and sell and the the costs to obtain planning permission.
The amount left over is subject to capital gains - the first £10,100 is capital gain free with the balance being liable at 18% - there is no indexation relief - just the new rate of tax being 18% across the board
If you transfer this land into your joint names - then you will each get an annual exemption of £10,100 (so in effect £20,200) with each of your shares then chargeable at 18%
Please note the annual exemption rate of £10,100 and the 18% capital gain tax are figures for this tax year and are subject to change
Thanks
Sam
Thanks for your question
The capital gains are calculated by the sale price less the purchase price, less legal fees to buy and sell and the the costs to obtain planning permission.
The amount left over is subject to capital gains - the first £10,100 is capital gain free with the balance being liable at 18% - there is no indexation relief - just the new rate of tax being 18% across the board
If you transfer this land into your joint names - then you will each get an annual exemption of £10,100 (so in effect £20,200) with each of your shares then chargeable at 18%
Please note the annual exemption rate of £10,100 and the 18% capital gain tax are figures for this tax year and are subject to change
Thanks
Sam
Sam, Accountant
Category: UK Tax
Satisfied Customers: 17,135
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Capital Gains, CIS ask for Sam Tax
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