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Is it possible to defer a capital gains tax payment if the

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Is it possible to defer a capital gains tax payment if the money the tax is being paid on is to be reinvested on a house for our elderly mother. i.e. Dad put their house in our names 20 odd years ago we put mum in rented when he died to be near us but now the landlord wants to sell. Mum has dementia so moving her again would be difficult. If we pay the tax we have a short fall on the house price. Jennifer

Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi Jennifer

Thanks for your question, I am Sam and I am one of the UK tax experts here on Just Answer.

Can you advise - was the whole of the property put in your names 20 years ago - or just a part share? How many of you have a share in the property.
Did you ever live in this property - after it was transferred in your names.
Has the property been rented out and rental income declared to HMRC each tax year
What was the value of the property when transferred into your names
What is the value of the property now
Were any capital improvements carried out on the property during the time it was owned by you - such as new kitchen, new bathroom etc

If you can advise on the above, I can see what the position is.

But there is no deferring of the capital gains I am afraid, as this only applies to business assets, of which this does not qualify.


Thanks

Sam

Sam, Accountant
Category: Tax
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