Sale of site - what tax liabilities do I have?

E

ekelly452

Guest
hi
i bought a site of land about a year ago with the intention of building a house on it,however my plans have changed and i now need to sell it,i have been offered about ten thousand eure over what i paid for it,so i guess i am liable to pay tax on it.....can anyone tell me how much tax i will owe or how it is calculated? thankyou.

Title edited by ClubMan.
 
Re: tax on land

You are most likely assessable for Capital Gains Tax (20%) on any gain arising from the sale (i.e. sale price minus original acquisition price minus any allowable expenses minus your annual CGT allowance of EUR 1,270 minus previously incurred capital losses, if any). See the links below for more information about CGT. Especially if the amounts involved are large you might want to get indepdent, professional advice on the tax and other aspects of such a sale.
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