Capital Gains

[petesgrayz]

My mother in law has sold a plot of land alongside her house. She has done a deal with the builder where she gets half the amount in cash and the other half into her bank account. Does she have to declare all of the amount and is she liable for capital gains tax.

[PrinceRainie]

Hi,
Capital Gains Tax may be liable. How long has she owned the land for?

[buildersmate]

If the land sold was part of a single land title at the Land Registry (in other words the plot was split) and it is also her principal residence and the whole plot originally was less than 2.5 acres than CGT is not payable.