CGT Liability

[Acctran]

I am in the process of selling a site on my property and giving half the proceeds of the sale to my Son to pay off some of his mortgage, this site is not my primary residence so I am liable for CGT but do I pay 20% CGT on the full amount of the sale proceeds or the balance ?

 

[ClubMan]

In simple terms 20% on the gain less any allowances. Revenue explain things quite clearly/comprehensively: [broken link removed]. However, if in doubt seek independent, professional advice when calculating your liability and filing your return.

 

[ubiquitous]

Do get specific professional advice from an accountant or tax advisor. There are very few scenarios in relation to sales of sites etc where you will not save money by doing so.