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Ash
Ash, Solicitor
Category: Property Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I am considering selling some flats that I own. I own the

Resolved Question:

I am considering selling some flats that I own.

I own the freehold & at present rent them on a short hold tenancy. I feel that it would be best to lease them individually.

I know the sale would be subject to capital gains tax, but could the money be treated as roll over & reinvested?
Submitted: 3 years ago.
Category: Property Law
Expert:  Ash replied 3 years ago.

Alex Watts :

Hello my name is ***** ***** I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Sadly no

Alex Watts :

Once you sell then that is a capital gain

Alex Watts :

Any money you spend on the structure would be only be offset once the properties are sold

Alex Watts :

But once you sell a gain is made and that is when tax is due

Alex Watts :

I am sorry if this is not the answer you are after and certainly not the one I want to give you but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

Thank you for your prompt reply. As you say it was not the answer I had hoped for, but it was what I had suspected it would be.

Customer:

Thanks again

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