Capital Gains Tax 28%?
Discussion
Just a quickie. My Dad is considering selling a plot of land that he co owns. He mentioned that capital gains tax is (or has?) due to rise from 18% to 28%, but didn't know when.
I've had a quick Google search but can only find that it rose in June for high earners, i.e. over £37,000.
He certainly doesn't earn this much per annum but his share would be in excess of £300,000 from the sale. Would this be liable to the 28% figure does anyone know? He also mentioned the sliding scale system had or was due to stop. He's owned the land since 1987, and he presumed this would count for nothing?
Obviously he has arranged an appointment with an accountant but I said I would have a look. But couldn't find much so I've come to ask the knowledgeable bunch on PH.
Thanks all.
I've had a quick Google search but can only find that it rose in June for high earners, i.e. over £37,000.
He certainly doesn't earn this much per annum but his share would be in excess of £300,000 from the sale. Would this be liable to the 28% figure does anyone know? He also mentioned the sliding scale system had or was due to stop. He's owned the land since 1987, and he presumed this would count for nothing?
Obviously he has arranged an appointment with an accountant but I said I would have a look. But couldn't find much so I've come to ask the knowledgeable bunch on PH.
Thanks all.
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