CGT question

bsimmons

I would really appreciate some advice re CGT.
About 3 years ago my friend bought a farmhouse in Wales for approx £275,000. On the land was a barn. We are intending to invest £40,000 each into renovating the barn and selling it. We have agreed a figure of £200,000 that the barn is worth untouched and would go to my friend. So say for example we sell the barn for £400,000. My friend would take £300,000 and I would take £100,000. Could anyone please advise me how we would both stand on capital gains tax. I don't know what the barn was worth when he originally bought the farmhouse.

Smo

bsimmons

Jimmo,

Thanks for that. I knew it wasn't a simple question to answer but your reply has helped a lot. I will go and get some advice.

Thanks
Smo