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Establishing disposal date and value of a transfer of land for tax purposes.
Two brothers (A and B) owned a piece of land on which a third brother (C) was allowed to keep a caravan. With the agreement of B both A and C have now built bungalows on the land to live in themselves and A and B want to transfer the land to the individual names of A and C.
I can calculate the capital gain on the transfer of the parcel of land from A and B to A. However C is claiming that because he has had his caravan on ‘his’ parcel of land for more than 12 years he is claiming adverse possession and it is here that my questions arise.
When is the disposal by A and B to C for capital gains tax purposes? Is it the date the caravan moved on or 12 years from that date? Or is it...
