CGT- How do you value land that has been in the family for years

N

NOTSOSURE

Guest
Hi,

Does anyone know how to get the value of agriculture land at the 6/04/1974 which has been in the family since 1800's. Want to dispose of a site and wanted to calculated the cgt using the value at 06/04/1974 and indexing that. I presume that is the way it is done for land acquired prior to this date.
 
Very interesting question and one I look forward to seeing some replies too. The only thing I could think of was checking of old sales in the area around that period for similiar size land and extrapolating a cost from that.... but I'm sure this can't be the best way. A cost isn't really a cost until someone is willing to pay it, and no two pieces of land are the same.

It may be worth contacting revenue on the topic. At least if they provide information you can feel a lot more confident that everything has been done to their satisification and you won't be (as likely) to get hit for higher CGT later down the line.
 
The way I deal with these is to have a local auctioneer to carry out a valuation on the property. It is up to him to determine the 1974 value. Revenue will not question the value once its carried out by a reputable firm.
 
I thought that the issue was calculating the value/gain from the 1800s to 1974 and then from 1974 to the year of disposal? The former seems to be the tricky part. Might be worth contacting Revenue and/or an independent expert (e.g. accountant/tax advisor).
 
ClubMan said:
I thought that the issue was calculating the value/gain from the 1800s to 1974 and then from 1974 to the year of disposal? The former seems to be the tricky part. Might be worth contacting Revenue and/or an independent expert (e.g. accountant/tax advisor).
Click to expand...

No. If acquired pre 74, MV at 6/4/74 is your base cost and indexed from there.
 
You must log in or register to reply here.
Back
Top