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Business asset rollover relief/CGT
fatboy88
Posts: 478 Forumite
Hi, not sure if anyone can help.
My parents are going to be in a middle of a develop as part of their chip shop. Originally we were going to take money for the property and business but due to the possible increase in CGT, this may change.
If we take cash will the rollover relief count and if we take property as a direct swap as they are building a new row of shops in a different location. Will we be able to sell this later and not get clobbered with the CGT.
thanks
My parents are going to be in a middle of a develop as part of their chip shop. Originally we were going to take money for the property and business but due to the possible increase in CGT, this may change.
If we take cash will the rollover relief count and if we take property as a direct swap as they are building a new row of shops in a different location. Will we be able to sell this later and not get clobbered with the CGT.
thanks
0
Comments
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I would post the link to the HMRC website but as a new user it won't let me, just pop along to the HMRC website and look for the form HS290.
Cash proceeds should not be a problem, providing you meet the qualifyng conditions, I don't think proceeds in the way of a new building should cause a problem either.
In the latter case, the proceeds will be treated as the MV of the asset that you acquire.0
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