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TonyTax
TonyTax, Tax Consultant
Category: Tax
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Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
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We have just sold a flat and we have to pay capital gains tax

Customer Question

We have just sold a flat and we have to pay capital gains tax on it within the next 10 months. Is there anyway we can offset the payment of this tax i.e not pay as much tax by putting monies in a trust or whatever?
Submitted: 11 months ago.
Category: Tax
Customer: replied 11 months ago.
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Expert:  TonyTax replied 11 months ago.
Hi. Assuming the disposal was in the 2015/16 tax year, the CGT will be payable on 31 January 2017, not ten months from now. There is little you can do to wipe out or defer CGT. You cannot defer CGT on the disposal of a flat unless it is was run as a furnished holiday let and you invest in another business asset or you invest in high risk companies through the Enterprise Investment Scheme (EIS) to defer it or the Seed Enterprise Investment Scheme (SEIS) to wipe it out altogether. Putting the money into a trust won't help. Trusts are not the tax saving vehicles they used to be. If the property has ever been your main home, you will get a deduction from the gain under the main residence rules. If it has also been let, you may get some letting relief. Look in HS283 here for more information. I hope this helps but let me know if you have any further questions.

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