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I have been told by a tax consultant that my father have does not have to pay Capital Gains Tax as he is over 55 and has had the land for purely agricultural land for over 20 years. But my solicitor says that I should transfer the 1 acre plus the size of the house first and then transfer the land behind the house at a later stage as it would not be worth as much having no road frontage as my father would be liable for as much capital capital gains tax.
Any advice would be welcome
Thanks
Retirement relief for your father for CGT purposes is restricted to 500,000.
Re: Transfer of a 2 acre site from parent to child
Hi
I have a similar situation to above where as the site is over 1 acre but under 2. I was wondering if it would cost less stamp duty if just the one acre was transferred to me and the remainder to be transferred to my daughter. Would this incur any costs.
Thanks for your help
Do you think that the CAT, CGT and stamp duty would apply even if my father gifted the remainder directly to my daughter rather than me. Does that fact that she is under 18 have any implications.
Thanks
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