We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Business asset rollover relief/CGT
Options
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
-
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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.1K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.1K Mortgages, Homes & Bills
- 177K Life & Family
- 257.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards