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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My wife and I have jointly owned a retail property years.

Customer Question

My wife and I have jointly owned a retail property for 28 years. we have been approached by the tenant to buy the freehold.
Is it allowed to roll over the purchase price into another property investment or are we liable for capital gains on the whole
Submitted: 1 year ago.
Category: Tax
Expert:  taxadvisor.uk replied 1 year ago.
Hello and welcome to the site. Thank you for your question.

As you jointly own a retail property (commercial property) you are able to claim business asset rollover relief when you dispose of this retail property and acquire another retail property. The time limit for acquiring new asset is 36 months after the disposal of old asset.

More information on this can be found here

https://www.gov.uk/government/publications/business-asset-roll-over-relief-hs290-self-assessment-helpsheet/hs290-business-asset-rollover-relief-2015

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 1 year ago.

Thank you for your answer, I am still a little concerned. I have read the guidance on the government web site you provided. We are not a registered business and have not traded the shop under our own names. In the past we rented the property to a limited company we are directors of. For the last seven years it has been tenanted by another company.

Expert:  taxadvisor.uk replied 1 year ago.
Trevor, thank you for your reply.

In my opinion you would qualify for partial relief if you acquire replacement asset that would also be provided to be used in the trade of that personal company .. see example 4.
Your relief would be based on the period you rented the property to a LTD company you are directors of (disposal of asset provided for your personal company).

I hope this is helpful.

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