Capital Gains on selling Site

[loco]

A few years back my father died and left me 1/2 acre of land. I have recently sold this as a site subject to planning permission which has been granted and am just waiting for final contract to be signed. I wish to buy a place of my own now. Need the money to pay off some debt and have a deposit for new house i want to buy. Can anyone advise me on my Tax implications?

 

[Anonymouse]

Generally you would probably have to pay 20% capital gains tax on whatever profit you made on it after expenses of selling it. e.g. solicitors fees etc. If you did any work on it , drainage or hedge cutting or whatever and have receipts this would help reduce things. Unless there's some reduction or loop hole as you were left it.