UK Tax on a land agreement


Joined
Jul 26, 2016
Messages
1
Reaction score
0
Country
United Kingdom
I entered into an agreement with a landowner to obtain planning permission on a piece of agricultural land.the agreement was that if I obtained permission for 5 plots I could purchase one plot for the price of what it cost me to obtain the outline planning.
My costs were £25.000 but the plot of land is now worth £160,000.The plot of land will be used to build my main and only residence.
My accountant is telling me that I must pay income tax on the £160,000 and that the land owner should pay capital gains on the £160,000.
Could anyone advise me of my position
 
Ad

Advertisements


Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top