Chris Cooper
Posts:4
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| 27 Sep 2006 07:19:50 |
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Hi - I'm thinking of selling a property I own but I'll incur Capital Gains Tax. I've been told that if I but another property straight away I can roll over the Capital Gains Tax into the new property. Has anyone else done this and is this true, or will I have to pay the Tax anyway.
Thanks. |
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Paul Mac
Posts:21
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| 27 Sep 2006 07:34:22 |
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| If you own the property you'll be liable for CGT. Even if you're a limnited company you'll pay corporation tax. You can't roll over CGT on rented property, at least I've not been able to do it |
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Lizzie
Posts:12
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| 27 Sep 2006 08:21:58 |
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| If you're married you can use both cgt allowances to offset the amount that you owe. There are some other reliefs, it used to be inflation linked for example, but I'm not an accountant so I'm not 100% sure what they are. Check it out with your accountant, but I'm sure that there will be a liability and you can't roll it over to the new property |
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Joe
Posts:5
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| 29 Sep 2006 08:06:44 |
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| Isn't it about £5000 each per year? |
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bjkelly
Posts:1
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| 02 Oct 2006 06:24:18 |
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| Current CGT IS £8800 per person so if a property is in joint names = £17,600 tax free profit. Taper relief is also available depending upon how long the property has been held, eg <3yrs = 0, 5yrs = 15%, 10 years = 40%. You need to speak to an accountant |
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shaunmurphy
Posts:6
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| 02 Oct 2006 06:57:22 |
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You must speak to an accountant or tax adviser.....
But you do get some reliefs as per the last chaps post....
Generally now you are best selling AFTER 10 years and in years where you can also used your annual allowances as well.... |
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Chris Cooper
Posts:4
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| 02 Oct 2006 08:01:25 |
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So rolling over the cgt can't be done. Great. Not.
Thanks for all the advice though |
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Sparky
Posts:9
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| 04 Oct 2006 12:21:44 |
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One can only deduct costs for both buying and selling the property against any gain, less taper tax relief over a 10 year period, and of course yours and any partner's personal yearly CGT allowance.
See on this HMRC web site link http://www.hmrc.gov.uk/
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jamiecollins
Posts:2
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| 11 Oct 2006 08:32:37 |
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| Rather than pay CGT at 40%, could you sell the property to your spouse when the value increases by, say, £10,000; use your CGT allowance, pay next to no tax (possibly stamp duty at a much lower percentage, but of the total value) and then have a new base figure for the next CGT calculation when you buy the property back from your spouse? Just a thought.. |
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