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Sam
Sam, Accountant
Category: Tax
Satisfied Customers: 13862
Experience:  26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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I am selling a buy to let property soon, and have been told

Resolved Question:

I am selling a buy to let property soon, and have been told if i invest the profit in another property I will not be liable to pay capital gains tax?
Submitted: 2 years ago.
Category: Tax
Expert:  Sam replied 2 years ago.
Hi
Thanks for your question, I am Sam and I am one of the UK tax experts here on Just Answer.
I am afraid that's not strictly correct, there is procedure called business asset roll over relief, but this applies to business that trade, whilst this is just rental income on property.
There has been case law that saw this decision overturned by the Upper Tier Tribunal on one appeal of rental income and UK property, but this was due to the fact that a house (that had been converted into 10 flats)and owned by a limited company, also saw the management of the property generating costs, so was argued successfully as a trade, not just rental income.
But I am sorry to say this dos not apply to you.
Thanks
Sam
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Customer: replied 2 years ago.

Thank you Sam,

That is what I thought, thank you for the confimation.

Regards

Joy

Expert:  Sam replied 2 years ago.
Hi Joy
You are very welcome, Im only sorry the news is not more favourable.
If I could trouble you to rate the level of service I have provided, it would be appreciated, as this ensures Just Answer credit me for my time.
Thanks
Sam

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