Q: I have a 4.2 acre parcel that I have had a value of 230,000. Ive owned it for 5 years and wish to sell. How can I reduce my capital gains tax liability.
Unless you sell part of it during this tax year and part during the next?
Other than that, you have an allowance per year of about £9k (so splitting it across the 2 years might help), as does your spouse (if you have one), so you can often use both allowances.
There's also a taper based on lenght of ownership, but I think it only starts after 5 yrs? check www.hmrc.gov.uk for full details
Sell it for 200,000
tags: acre plot, capital gains tax
posted in mortgage by admin
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