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Hi Sir
please I need help,
Lina sold 5 acres of land to mild Ltd for 260 000 which was the market value of the land at that date.
the land has been inherited by lina upon her mother death on January 2006 when the land was valued at £182000.
her mother originally purchased the land at £137000.what is the taxable gain?
I got 260 000 – 130 000
but the answer is 260 000 -182 000, I don’t understand why as she never bought the land and its original price is 130 000>
When an asset is acquired by a beneficiary on the death of a taxpayer the open market value of the asset at that date is deemed to be the cost to that beneficiary. There is no CGT on death and the assets pass at their open market value (probate value) to the beneficiaries.
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