I am selling my second property which has been rented in the past but with the money i get from that sale i wanted to use to buy another house.Do i still have to pay 40% on that sale even though i would be buying another house with that money or is there any way that capital gains profit could be transferred to next house so i did not have to pay that 40% now
2007-07-25 06:54:57 · 4 answers · asked by sammyj 1 in Business & Finance ➔ Taxes ➔ United Kingdom
No, there is no roll-over relief on rented property as it is classed as investment capital, not a business.
2007-07-25 07:31:24 · answer #1 · answered by fengirl2 7 · 0⤊ 0⤋
You can not roll over the gain.
If you have ever lived in the property you may be able to get lettings relief - provided of course that you have declared the rental income to the taxman.
There are also CGT free periods to use and annual exemption
2007-07-25 10:33:58 · answer #2 · answered by anteatersrus 3 · 0⤊ 0⤋
You were not allowed roll over relief on rented property,but i believe that has changed and you can now
2007-07-25 07:10:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
In UK, you can only sell your main residence (house you live in) Tax free (in USA laws differ)
HINT .. if you don't want to sell the house you CURRENTLY live in, why not go live in the house you DO want to sell ???
2007-07-25 19:43:05 · answer #4 · answered by Steve B 7 · 0⤊ 0⤋