A family member has given me land as a present, about an acre, what are the tax implications on this?
-
"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain -
If they don't die for the next 7 years none.
HTH -
Depending upon the circumstances, they may have to pay CGT on the increase in value since they acquired it.Comment
-
Have a look around www.taxationweb.co.uk. Is it with a view to building on the land ? I got given part of a large garden with no tax implications but I suspect 1 acre is too big to not raise problems.Originally posted by scooterscot View PostComment
-
Thanks for the fast replies guys..."Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
-
Where is the land? England? Scotland?Originally posted by MaryPoppinsOriginally posted by vetranComment
-
Yes - I intend to build a house but not this year... this year will be spent on research.
The land is in Scotland"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark TwainComment
-
I think that there are tax implications.Originally posted by scooterscot View Post
My wife transferred assets to me and the tax officer recommended that she sell them to me for the sum of £1 and ensured that I got a receipt for the purchase.Confusion is a natural state of beingComment
-
Make sure you don't get any dodgy pikeys coming on to it.Comment
-
Worth about a pound thenOriginally posted by scooterscot View Post
Confusion is a natural state of beingComment
Comment