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Was with a friend at the weekend ( yes really ) .. hes been lucky re a site but starting to panic about Capital Gains Tax .

He bought a site for £25,000 , got planning permission a fews ago , got it valued last week with intension of selling ( as is ) now the site is worth £160,000 . He cant believe it ...

He is renting , and has no other property , this site is his only asset .

Is he liable for CGT ??

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2 minutes ago, RobertLaurel said:

Was with a friend at the weekend ( yes really ) .. hes been lucky re a site but starting to panic about Capital Gains Tax .

He bought a site for £25,000 , got planning permission a few years ago , got it valued last week with intension of selling ( as is ) now the site is worth £160,000 . He cant believe it ...

He is renting , and has no other property , this site is his only asset .

Is he liable for CGT ??

 

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On 28/08/2017 at 10:52 PM, RobertLaurel said:

Is he liable for CGT ??

Because he got a valuation?

1 hour ago, RobertLaurel said:

A few years is about 15 I think , in this case .

A few is not fifteen in any case. What is the point of this post exactly.

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Yes, if he sells the site he is liable for tax after allowances.

The allowance, from memory is around £9,500 (if he has no other CG in that tax year).

As stated above the only exception is if you have used it as your main residence for 3 years, therefore having to build a house.

There are plenty of people out there who would love to have to pay tax on property they bought a few years ago. Count yourself lucky.

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Ok, thanks for letting us know about the site bought in 2001 and valued in 2017. I'm also greatful to know the mate is in a very lucky position. Great thread. Keep it up. 

 

On 30/08/2017 at 2:30 PM, darkmarket said:

A few is not fifteen in any case. What is the point of this post exactly

Bingo. 

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On 30/08/2017 at 2:30 PM, darkmarket said:

Because he got a valuation?

A few is not fifteen in any case. What is the point of this post exactly.

In fairness he said he got planning a few years ago.

However he also said at the start "this site is his only asset" and then later "its not his only land".  So we should pay little attention to this.

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9 minutes ago, BelfastVI said:

In fairness he said he got planning a few years ago.

Then he said that few was actually fifteen. And then he mentioned that nobody's sold anything, so no CGT incurred. Who goes to HPC for CGT advice anyway?

There's no need to take a balanced view of this kind of stupidity.

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  • 292 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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