Tax on sale of short term capital asset (land)

This discussion clarifies the tax implications for selling a short-term capital asset, specifically land purchased and sold within a short timeframe. It highlights that the short-term capital gain (STCG) of £70,000 in the example provided would not incur tax liability. This is because the STCG is below the applicable threshold limit for tax, which is typically £250,000 or £300,000 depending on the individual's circumstances.