Looks like I may have to sell a parcel of land , what is the cgt rates for lower rate tax payer . I know my yearly allowance is 12300 x2 for the wife .
Capital gains tax rates
- Thread starter North Yorkshire man
- Start date
- Location
- Near Beeston Castle
20% of the gain
28% on residential property and 20% on other stuff - I think this does depend on if you are a higher rate tax payer or not however ??
You only pay tax on the gain not the disposable value so deduct "base value" from sale price, base value being you value you acquired the asset at
You also have a annual allowance of something like 12k tax free gains
It also has to be paid quite quickly these days and not as part of your annual tax return, think 28 days after disposal
You only pay tax on the gain not the disposable value so deduct "base value" from sale price, base value being you value you acquired the asset at
You also have a annual allowance of something like 12k tax free gains
It also has to be paid quite quickly these days and not as part of your annual tax return, think 28 days after disposal
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- Location
- Scottish Highlands
You maybe need to check with your advisor then. It’s not 28, but it is needed quickly.
From https://www.gov.uk/capital-gains-tax/reporting-and-paying-capital-gains-tax
- Location
- Scottish Highlands
Fairly sure those dates apply to all kinds of property, including land.
I just paid some on a house disposal - just did as my accountant instructed , 30 days it seems not 28 ......... either way not part of your annual self assessment any more so cashflow accordingly
Significant Changes to Capital Gains Tax (CGT) on Private Residences - Multi-Award Winning London Accountants > Jeffreys Henry LLP
Under current rules, taxpayers do not have to complete a tax return and pay the CGT until the self-assessment
www.jeffreyshenry.com
Not sure if land is treated the same as other property but land is property I guess ?
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- Location
- Near Beeston Castle
Different rules must apply under different circumstances because I have sold quite a few parcels of land over the last few years and all of the tax has been paid as part of my annual payment regardless of how long ago the sale was.
- Location
- Scottish Highlands
That would be before the dates in the screenshot I put above, presumably?
I think this is a pretty recent change in the rules - certainly first time I have had to pay up so quickly
- Location
- Near Beeston Castle
No, not all of them.
- Location
- Scottish Highlands
I'd be checking that link of mine then - might be that either that page doesn't apply or your accountant isn't current but I wouldn't lie to say which.
- Location
- Near Beeston Castle
I would have had a few fines by now if the accountant wasn't doing it right. As I said earlier I can only assume different rules under different circumstances. Clive's link mentions the rules applying to domestic private individuals.
- Location
- S. Staffs
No the (almost) immediate payment only applies to residential property
changed in April 2020
changed in April 2020
Ramrod
Member
- Location
- Skendleby Psalter, Lincolnshire
Depends on what you've sold????
| Date of sale (or ‘disposal’) | When you must report and pay |
|---|---|
| If you sold a UK property with a completion date on or after 27 October 2021 | Within 60 days |
| If you sold a UK property with a completion date between 6 April 2020 and 26 October 2021 | Within 30 days |
| If you have other gains to report | In the tax year after you sold or disposed of an asset if you use a Self Assessment tax return. If you’re eligible, you may be able to use the ‘real time’ Capital Gains Tax service to report by 31 December in the tax year after the sale |
With land it can be sorted as part of your annual tax return.
- Location
- South Wales UK
What if you sell land that has no base value or gain on it as been in family for generations??
- Location
- South Wales UK
livestock 1
Member
Goes off last valuation for iht
That’s why they aren’t that bothered about rushing some valuations as they will always get it eventually