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Hello everybody
Can anybody tell me if I sell a piece of land for building and incur Capital Gains Tax , and it appears on my annual tax return , is it considered income for maintenance calculations ?
My wife already got a huge lottery sized pay out from the family farm and is very well off and in a new relationship . . Can she get more out of this land sale ?
The financial settlement is cleared … but needless to say I was hit very hard but was an innocent party . She just realised she could walk away very wealthy from my families farm . .
I would just like to try and use the land sale to get back on my feet and buy a house for myself .
At the moment the boys have supported me and stayed 50/50 but she is trying to buy them .
to be honest, I don't think we're the people to give the best advice here as the sums you are talking about are obviously very significant. You would be well advised to get professional financial advice - it will cost you initially but it will save you significantly in the long run.
One thing that does occur to me (and you could run this past your adviser) is whether you could sell the land and put the proceeds into a pension fund, and have the pension fund buy a property which the fund then rents out to you (your rent would be going back into the pension fund, so it's still yours in the long run) - I don't know if this is allowable or not, which is where a financial adviser comes in.
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