Capital gains tax site disposal

Diydave

New Member
Messages
2
I have an uncle thats gifting me a site. An auctioneer valued the site at 35,000. My 2 questions is 1. how much my uncle will pay in capital gains for deposing of the asset. It was originally site that was idle. Considered agricultural was never used for that. The site my uncle has was inherited from his father who died in 1989 no capital gains was paid on this.
2. How much capital gains tax will we pay. My understanding is I will have a threshold of 33k and my partner will have a threshold aswell so we would be liable for little or no tax. Is it possible the revenue can step in and value the land higher. Site is in the countryside and land has planning permission so it only valuable to us as we are the only ones that can build on it?

many advice would be great.
 

Diydave

New Member
Messages
2
Thanks but that doesn’t really answer my question which is will my uncle be liable for cgt and will we be liable for cat and can revenue put there own market value on the house
 

Protocol

Frequent Poster
Messages
3,009
Your uncle may owe CGT on gain made between inheritance value in 1989 and the value now.
 

Protocol

Frequent Poster
Messages
3,009
If the site is gifted to two people, 17.5k each, then no CAT.

That presumes you haven't already received a gift, as AFAIK it's a lifetime allowance.
 

wab0607

Frequent Poster
Messages
80
Sorry to hijack this post but does anyone know how an asset's market value can be calculated back in the 1970s. Parent recently sold old family home (not PPR) and we understand how to calculate the CGT but as the house was only ever inherited, not purchased on open market, since it was built we don't have a purchase price to start from. Is there a magical database somewhere with typical market prices from 1974?
 

jpd

Frequent Poster
Messages
1,785
If it was inherited, there should be a record of the value it was valued at on inheritance - no?
 

wab0607

Frequent Poster
Messages
80
jpd: no record of value at time of inheritance. It was inherited from a mother, on her passing, to her daughter who had lived there since birth. Unfortunately no record of a submission to revenue for inheritance/CAT tax.
 
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