Long term capital gain. Advice please.

We have owned and operated a land holding business since 1984. Now over the retirement age, the reality is we will not be able to continue forever. We have no knowledge of CGT and for forward planning we need to consider our financial position if we are able to contemplate selling our land asset and leave enough for a retirement. As self employed all our working life there has never been sufficient income in our business to provide a pension. We have always looked at our modest land asset as what could be realised and provide enough for retirement. Having purchased at market value in 1984, a current approximate market value is around 5 times the original purchase cost. Clearly, the majority of “ gain” over nearly 40 years is a consequence of the long term growth of such an asset by way of inflation mainly and the increased attraction these days of what is thought of as a “lifestyle “enterprise. Would the normal inflation effect on value have any bearing to a final CGT liability over such a long period or is it a simple matter of the current “ achieved” value less the 1984 purchase price = the capital gain, with the only allowance being the one off annual allowance which in this circumstance would not really make a worthwhile difference. Thanks in anticipation.

Hi Richard Witzend,
As it is a business, you may qualify for business hold over relief to reduce any capital gains due. please see guidance at:-
Business Asset Disposal Relief and/or refer to a financial advisor for more information.
Thank you.