Hello, I am Keith, one of the experts on Just Answer. and pleased to be able to help you with your question.
Herr is the advice from the Gov UK Web Site; a tad long winded I regret:
'18. How to claim relief
When you claim relief you must tell HMRC about:
- the old assets you’ve disposed of
- the amount you received for each of those assets
- the date on which you sold each of them
- the new assets you’ve acquired
- the dates on which you acquired each of them, or the dates on which unconditional contracts for the acquisition of each of these assets were entered into
- the cost of each asset acquired
- the amount of proceeds from the disposal of each old asset that you’ve used to acquire each new asset
You can use this form to make a claim. You can attach it to the Capital Gains Tax summary pages of your tax return. If you want to make more than one claim, you may use multiple copies of the form.
If you’re claiming roll-over relief you should use code ROR in box 8 or box 20 on the Capital gains summary pages. However, if there are other transactions that are included in the same section and more than one code could apply to box 8 or box 20, then you should use the code MUL and provide further details of all claims and elections being made in the ‘Any other information’ section (box 54) or in your supporting computation.
19. Provisional relief
You can use the form to make a declaration of your intention to use some or all of the proceeds of disposal of an old asset in the acquisition of new assets. If you intend to reinvest all of the proceeds, you can get provisional relief on the gains you make on that disposal. If you intend to reinvest part of the proceeds, you may be able to get provisional relief on part of the gains you make on that disposal. The amount of Capital Gains Tax you can defer is the amount of tax that would have been deferred if you had actually acquired a new asset costing an amount equal to that part.'
The only way CGT can be reduced is by the use of Rollover or Entrepreneurs' Relief.
I do hope that you have found my reply of assistance.