CGT from selling a warehouse

Joefern123

Hello all

I am contemplating on selling a warehouse which me and my wife own. we previously had a wholesale business, but closed down when faced with bankruptcy. We kept the warehouse 5 years, storing our stock till we got planning permission for a residential development. We are looking at making a profit from the sell, and using all of that money to purchase BTL residential properties, or another warehouse. If we do that, will we still be liable to pay CGT?

Thanks

Joefern123

Well i was a sole trader, then my son and wife opened a ltd company which was the business i was doing, i took my name out of the business , that business lasted a year before that was closed. So to my understanding, if we reinvested all of that money, we will still be liable to pay tax?

antrobus

Joefern123 wrote: »

..... We are looking at making a profit from the sell, and using all of that money to purchase BTL residential properties, or another warehouse. If we do that, will we still be liable to pay CGT? ...

I think you're asking about Business Asset Rollover Relief.

That won't be available because you business has to be trading at the time of the sale. And your OP suggests that you haven't traded for 5 years.

https://www.gov.uk/business-asset-rollover-relief

I'd guess that there is a reasonable amount of money involved given that we are talking about 'residential development', so I'd take professional advice if I were you.