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Capital Gains on land sale
bunnyg007
Posts: 5 Forumite
in Cutting tax
I have just sold some jointly owned land and after solicitors/estate agent costs I hope that my share will be about £50,000 which I understand will be liable for Capital Gains Tax. The land was jointly owned with a family member, not spouse.
This is a first for me, being the only property I have ever owned. I would like to give a sum to my son to help him towards saving for a mortgage deposit
How does the CGT calculation work and how can I minimise my tax liability?
Many thanks
This is a first for me, being the only property I have ever owned. I would like to give a sum to my son to help him towards saving for a mortgage deposit
How does the CGT calculation work and how can I minimise my tax liability?
Many thanks
0
Comments
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The only way you can reduce any tax liability on any CGT liability you may have is to offset your gain against losses on other assets. What was the value of the land when you obtained it?1
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