A landlord appears to be hoping he can claim business asset roll-over relief to delay paying tax
Q If I sell a buy-to-let property and immediately use proceeds to buy another, is the payment of capital gains tax deferred?
SK
A Short answer: no. You are clearly hoping that selling a buy-to-let property and buying another would make you eligible to claim business asset roll-over relief but it doesn’t. Roll-over relief lets you put off paying any capital gains tax (CGT) due on the gain from the sale of a business asset until you sell the business asset that you bought to replace it but only – among other things – if you are trading. And HM Revenue & Customs (HMRC) doesn’t consider investing in a buy-to-let property as trading.
Continue reading...from Property | The Guardian https://ift.tt/3aUMhV0
via IFTTT
No comments:
Post a Comment