TBU24
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CGT base cost on gifted property
Hi, I own a property 50%. My dad owns the other 50%. Property bought for £100k now worth £200k My dad is gifting me his 50% share - I understand that he will have to pay CGT on this disposal. If I sell the property in 5 years for £250k, I will also have to pay CGT, but how will I calculate my base cost, as I have acquired the first 50% of the property for £50k and the second 50% for £100k, will the base cost be £150k? -
CGT on sale of land
Hi, I am a UK resident who is selling some land and I want to clarify some CGT rules, as it's not clear to me from the guidance available online. The land is being sold completely empty with no planning permission in place. Do I need to report the capital gain via the online capital gain on property portal within 60 days of completion? As the land is completely empty, therefore non-residential is the applicable rate of CGT going to be 10/20%? Thanks