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Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.
They might not get a CPO. The Wandsworth Borough Council tried twice to get my parent's home in Streatham Hill in 1962 and failed on both occasions to get a CPO. It is still there, now in a conservation area. They actually sold out to the council. but only because it was the quickest and easiest and they wanted to move anyway.
Here is the guidance from the Gov UK Web Site regarding the relief:
To qualify for Business Asset Rollover Relief:
You can claim relief on assets including:
You can only use Rollover Relief to buy an new investment property in your case. Remember that the Relief merely postpones the tax until ultimate disposal of the new asset.
I do hope that you have found my reply of assistance.
1. No not really, it may have to go to a public inquiry and then be approved by the Minister. It could be a long process particularly if there are many objections.
2. Only through informed guesses by local professionals.
3. You could, that is what my parents did at a price fixed by the District Valuer. However, unless Rollover Reflief applies, see my earlier response, CGT would be immediately payable.
4. These should be the same.
5. Only a new investment property.
Thank you for your excellent support.