value of land for cgt purposes

[poorsheepfarmer]

how would you find out the value of land if it was purchased as a whole farm?
looking to sell some land from a farm purchased in 2007

 

[vaderstad]

Get a historical valuation from a land agent so that you have some evidence to back up your CGT calculations.

 

[teslacoils]

Yes, pay agent £200 to put it in writing with their credentials.

 

[chaffcutter]

Did you buy the land or someone else? Land Registry will show total purchase price, then you would have to get a valuers estimation of the amount apportioned to the house and buildings to get a value for the bare land.
I suspect a few quid difference in the cost back then when land was about
3-4K an acre won’t make much difference to a CGT Bill now if it’s going for development!

 

[teslacoils]

Indeed. It's more a question of - when I bought 250ac for £1m did that make it four grand an acre, or really did that bit in the village cost ten an acre and the rest three and a bit etc.

 

[poorsheepfarmer]

Thanks, not going for development sadly

 

[Nearly]

Indeed. It's more a question of - when I bought 250ac for £1m did that make it four grand an acre, or really did that bit in the village cost ten an acre and the rest three and a bit etc.

The agent will understand if you explain this.

 

[essexpete]

I know agents will get a bad press sometimes on here but use one for your submissions to HMRC. A good agent will find historic records of comparable houses and farms sold in the vicinity at that time. That info coupled with what you paid should give a report for HMRC.