Sale of land - CGT question

[Zyp]

If one was to sell some land that had increased in value since purchase (and was bought with no PP but now has PP) is CGT payable at a flat rate only on the uplift in value?

Also, is there any SDLT to pay?

Thanks.

[Zyp]

Thanks Eric.

If the land is held in joint names, and one name is a higher rate tax payer and the other basic rate, what rate would be payable?

Can't seem to find much on the Gov website.

Edited by Zyp on Wednesday 25th November 16:48

[Zyp]

Much appreciated, thanks.

One last question...

If the previous owner of the land is entitled to a percentage of the uplift in value, is this deducted from the gross amount or after the existing owner has paid the CGT?

I'll let you get back to your proper work soon

Cheers

[Zyp]

The chap we bought the land off had a covenant put on it - that he receives 30% of the uplift in value if / when we get planning permission on said land. (Within 20 years of buying it off him)

Hypothetically there's a potential uplift of £730k.
Therefore, he's due £220k.

Would that constitute a gift?
I assume he would also have to pay CGT on that amount?

[Zyp]

Thank you.
So would my CGT be worked out on the sum left AFTER paying the 3rd party his portion?

It's very early days, but nice to get a handle on the implications before / if it goes further.
Goes without saying a good accountant / solicitor would have to be on board.

[Zyp]

Thanks very much Eric.

[Zyp]

David

None received...

Z

[Zyp]

David

None received...

Z