CGT tax on transfer on ultimate sale of land
The house and land were purchased two years ago and is owned 100% by the client's son. The first point is if the grounds do not exceed half a hectare, is a sale to anyone (including my client) exempt under PPR? I believe it is.
I believe it is legitimate to sell two thirds of the plot to my client and wife. Building work is then likely to commence and at some (possibly intermediate) stage the plot will be sold to a third party. Thus three CGT exemptions can be utilised in the tax year of the sale.
I believe the gain for each parent will be share of sale price less share of enhancement/building expenditure less value of purchase from son.
Is this feasible does anyone think? Anything, in others' experience that I should be wary of?
- Gift aid procedure please? 466 5
- Claiming annual pension allowance top up in SATR 182 2
- Leaving the VAT FRS Scheme or trying to stay as long as possible? 232 3
- Xerocon 2016 1,246 35
- Mortgage Reference 566 8
- Rounding errors on CT600 274 7
- Insovent companies 889 19
- New Build 227 1
- Entrepreneurs' Relief upon sale of a cash rich company 2,301 48
- BrightPay quirks 256 2
- HMRC now overriding SA bank repayment details on tax returns 819 20
- Website Content 200 1
- Personal Tax 635 12
- Starting band for savings - for 2014/2015 213 1
- USA Tax Query 324 2
- Website costs (intangible assets) tax relief 443 5
- last minute request 664 6
- buying asset and settling vendor's debt 375 6
- Posting invoices with balance brought forward 409 7
- Disengagement Help! 1,751 25