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How can I reduce CGT when selling land
shipslecky
Posts: 1 Newbie
I have a 4.2 acre plot of land that I have had valued at 230,000. I have owned it for 5 years and wish to sell it. How can i reduce my capital gains tax liability.
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shipslecky wrote: »I have a 4.2 acre plot of land that I have had valued at 230,000. I have owned it for 5 years and wish to sell it. How can i reduce my capital gains tax liability.
Sell it for 200,000:p"Mrs. Pench, you've won the car contest, would you like a triumph spitfire or 3000 in cash?" He smiled.
Mrs. Pench took the money. "What will you do with it all? Not that it's any of my business," he giggled.
"I think I'll become an alcoholic," said Betty.0 -
no idea about this but if you sold it as two seperate lots (£190,000 /£40,000) would this avoid it?0
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Selling it seperately won't make any difference - I think you're looking at stamp duty there?
Unless you sell part of it during this tax year and part during the next?
Other than that, you have an allowance per year of about £9k (so splitting it across the 2 years might help), as does your spouse (if you have one), so you can often use both allowances.
There's also a taper based on lenght of ownership, but I think it only starts after 5 yrs? check https://www.hmrc.gov.uk for full details0
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