Cgt on shed

Wileycayote2

We have large steel frame shed an surrounding plot. Bought and built in 2011,total cost £55,000. Used as part of small shellfish partnership. This partnership ceased operations in 2016 and closed down, with shed kept on, and being transferred to private ownership of the 4 partners. Looking now to possibly sell up this shed and land. Believe could be worth £125,000. What would any cgt liability be each? Thanks for any help.

Wileycayote2

Hello, so I would need to talk to our accountant and find out the value used at the 2016 point?
And work from there?
Cheers 

Nomunnofun1

Wileycayote2 said:

Hello, so I would need to talk to our accountant and find out the value used at the 2016 point?
And work from there?
Cheers 

Absolutely! 

Wileycayote2

Thank for the information.
Cheers.

Wileycayote2

Sorry for more questions 2 partners have taxable salary of approximately £40000. 1 about £20000 and 1 £12000.
What would the cgt rate be at this salary?
Thanks

eskbanker

Wileycayote2 said:

Sorry for more questions 2 partners have taxable salary of approximately £40000. 1 about £20000 and 1 £12000.
What would the cgt rate be at this salary?
Thanks

https://www.gov.uk/capital-gains-tax/work-out-need-to-pay explains how to add the gain to other income in order to calculate which rate(s) to apply.

Wileycayote2

Hello, am I correct thinking because this isn't residential,that in Scotland we would be taxed at 10%?

Bookworm105

Wileycayote2 said:

Hello, am I correct thinking because this isn't residential,that in Scotland we would be taxed at 10%?

CGT rate is the same across the whole UK (income tax isn't)
Capital Gains Tax: what you pay it on, rates and allowances: Capital Gains Tax rates - GOV.UK

Capital gains tax Scotland : FBD