Cgt farm land

Hi, very confusing this. Using real time to do return. Land valued at 400000 (1) 15 years ago when signed to us, sold last week for 600000 (2) after fees (all approx and rounded) so 200000 (2)-(1) between 5 40000. So do we all pay 10% on the 40000 or is too simple and way off the mark. Would appreciate any help or pointers

Hi,

Each person will be liable to gains on their share and the rate of Capital Gains Tax due depends on the level of income each person has. You need to take into account salary, pensions, interest and any other taxable income to see what rate you fall into.

Capital Gains Tax: what you pay it on, rates and allowances

Thank you.