I own a one-quarter share in a field of 10 acres. It cost me £5,000 when I bought it 32 years ago, and it is now worth approximately £45,000. I am 77 and can no longer look after the land. I want to give my son my share, but I have been told I have to pay tax on the difference between the purchase price and what it is worth today. Is this correct, is there any way to avoid or mitigate this?
I bought a share of a field for £5,000 - now it's worth nine times that: Can I give it to my son without paying tax?
