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Roll over relief v. reinvestment relief???
fusar
Posts: 151 Forumite
in Cutting tax
Hello,
Well, I am well and truely confused after visiting the Inland Revenue website!
I was wondering if one of you would kindly help!?
I have an empty shop situated on the outskirts of town, which I am in the process of selling in order to purchase a more centrally located shop in town, where I plan to start a business.
In order to be able to afford the shop in town I need to put the full sale price of my own shop (£135,000) and get a small loan of £25,000. However, if Capital Gains tax is taken out of the sale price of my property, I won't be able to afford the better located shop. Someone then mentioned either Roll-Over Relief and/or Reinvestment relief. I have only owned my own shop for just less than a year.
Does anyone know, what these reliefs are? How they work? When do I pay the Capital Gains back?
Any advice would be great.
Also does anyone know a good tax advisor that isn't too expensive?
Many thanks in advance
Fusar
Well, I am well and truely confused after visiting the Inland Revenue website!
I was wondering if one of you would kindly help!?
I have an empty shop situated on the outskirts of town, which I am in the process of selling in order to purchase a more centrally located shop in town, where I plan to start a business.
In order to be able to afford the shop in town I need to put the full sale price of my own shop (£135,000) and get a small loan of £25,000. However, if Capital Gains tax is taken out of the sale price of my property, I won't be able to afford the better located shop. Someone then mentioned either Roll-Over Relief and/or Reinvestment relief. I have only owned my own shop for just less than a year.
Does anyone know, what these reliefs are? How they work? When do I pay the Capital Gains back?
Any advice would be great.
Also does anyone know a good tax advisor that isn't too expensive?
Many thanks in advance
Fusar
0
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