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TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15950
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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After the sale of the property how long after one has to pay

Customer Question

After the sale of the property how long after one has to pay the tax ?
If the sold property was a mortgaged one, can the capital gain money be used to minimise the mortgage loan of other mortgaged property without paying the tax with the intention of paying the capital gain tax at a time on the whole capital gain amount if there is any ?
Submitted: 2 years ago.
Category: Tax
Expert:  TonyTax replied 2 years ago.
Hi.Capital Gains Tax is payable on the first 31 January after the end of the tax year in which the liability arose. So, if you make a gain in the 2015/16 tax year which ends on 5 April 2016, any CGT due will be payable on 31 January 2017.Unless the property being sold is a furnished holiday let or a business premises and the proceeds are reinvested in another furnished holiday let or a business premises or a business asset, the gain cannot be rolled over to a future date I'm afraid. Paying off mortgages is not a reason for a gain to be rolled over.I hope this clarifies things for you but let me know if you have any further questions.