Reply to: gifted land

[scooterscot]

You cannot gift land without doing the correct paperwork. And since the introduction of the ML reporting rules, the professional doing the paperwork will sort out most of the Tax implications for you.

tim

Thanks

[tim123]

A family member has given me land as a present, about an acre, what are the tax implications on this?

You cannot gift land without doing the correct paperwork. And since the introduction of the ML reporting rules, the professional doing the paperwork will sort out most of the Tax implications for you.

tim

[Diver]

The CGT bill will be pretty BIG if you only pay £1 for it and it's worth a lot more.

IANAA

Typically, a capital gain is generated when the asset or investment is sold, but it can also occur when a gift is given.
The proceeds from selling a house are normally liable if it was a rental investment or a second home.
Both companies and individuals must pay CGT, but there are different rules and exemptions for each.
Essentially, CGT is charged on the proceeds of a sale, or the market value of a gift, less its original cost, and after any selling and improvement expenses have been taken into account.

As the asset was a seasonal boat hire franchise, the market value was not easily quantifiable and probably a little time consuming for the tax officer. thus I think the £1 transfer

[TheFaQQer]

I think that there are tax implications.
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.

The CGT bill will be pretty BIG if you only pay £1 for it and it's worth a lot more.

IANAA

[Diver]

Tut Tut

Just noticed your signature,and it reminded me.
Got the Deeds for one of my houses through the post on Saturday, registered mail, left next door with no signature required.
My Deeds, how scary is that

[fridge]

Tut Tut

[Diver]

Yes - I intend to build a house but not this year... this year will be spent on research.

The land is in Scotland

Worth about a pound then

[KentPhilip]

Make sure you don't get any dodgy pikeys coming on to it.

[Diver]

A family member has given me land as a present, about an acre, what are the tax implications on this?

I think that there are tax implications.
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.

[scooterscot]

Yes - I intend to build a house but not this year... this year will be spent on research.

The land is in Scotland

[d000hg]

Where is the land? England? Scotland?

[scooterscot]

Thanks for the fast replies guys...

[rootsnall]

A family member has given me land as a present, about an acre, what are the tax implications on this?

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.

[THEPUMA]

Depending upon the circumstances, they may have to pay CGT on the increase in value since they acquired it.

[Ardesco]

If they don't die for the next 7 years none.

HTH