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I closing my pub down and selling up of which I live up

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I closing my pub down and selling up of which I live up stairs so I have to buy some place to live. I have made profit so I have to pay capital gain tax but does it allow me to buy a home before their work out how much
Submitted: 1 month ago.
Category: Tax
Expert:  bigduckontax replied 1 month ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Unfortunately, no it does not. Your Capital Gains Tax (CGT) bill will be based on any gain you have made. However, as you are going out of the business you will almost certainly be entitled to Entrepreneurs Relief (ER) which limits taxation to a flat rate of 10%. You also have a non cumulative Annual Exempt Amount (AEA) of 11.1K to offset any gain. Furthermore, you may be able to claim Private Residence Relief (PRR) for the residential element of the property, but you will have to agree with HMRC, usually through the Valuation Office Agency (VOA), a branch of HMRC staffed by Chartered Surveyors, an appropriate split of values for this purpose. As PRR relieves CGT at 100%, if you can negotiate this, there will be a considerable CGT saving.

I do hope that I have been able to shed some light on your position.

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