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Advice please regarding tax on parcel of land
Comments
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What type of business is it though, e.g. sole trader, partnership, limited company?
https://www.gov.uk/set-up-business0 -
Hi,
Type of business is sole trader0 -
What was the sale of the land for, was it development as this has an impact on the tax you have to pay.
Theres plenty of info online but you seem to be struggling to find this, maybe best to employ an accountant.
How much was the sale for as that may impact on the approach.0 -
A neighbour, whose house adjoining the field was the purchaser. The sale was for over 59,500.0
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You may also need to rebase the value of the land to 31 March 1982 and if so there may be a deemed disposal and reacquisition on that date.
https://www.gov.uk/capital-gains-tax/market-value0
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