How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask TonyTax Your Own Question
TonyTax
TonyTax, Tax Consultant
Category: Tax
Satisfied Customers: 15915
Experience:  Inc Tax, CGT, Corp Tax, IHT, VAT.
13905389
Type Your Tax Question Here...
TonyTax is online now

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: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  TonyTax replied 1 year 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.

Related Tax Questions