Developer purchasing land

Missb77

Hello

I own a piece of land, which at the moment I maintain it once or twice a year and keep a shed on it etc etc.

A developer has recently approached me with a decent offer of buying the land (along with adjacent pieces not belonging to me) to extend a development. As the land is not used as part of a private dwelling etc. would I pay capital gains tax and does anyone know the percentage this would be?

Also the developer mentioned stamp duty (to be paid by him) but I didn't think he would pay as its under the threshold? So before we go further into negotiations, and I go to the expense of solicitors, any advice on pitfalls would be appreciated!

thanks

Guest101

I don't think you should be selling, until you type the words, has made an offer of a GREAT/FANTASTIC/BIT HIS HAND OF price.

But that's because they stand to make a pretty penny, and their first offer will be the lowest end of their range.

Missb77

thanks for your reply, but we are still negotiating on price, depending on valuations etc that I will be getting, and my price also depends on if/how much capital gains tax I have to pay

thanks again

tim123456789

Missb77 wrote: »

thanks for your reply, but we are still negotiating on price, depending on valuations etc that I will be getting, and my price also depends on if/how much capital gains tax I have to pay

why?

are you really going to turn down an offer of 100K meaning (perhaps) that you will have to pay 40K CGT and accept an offer of 50K because it save you 20K CGT

tim