Rollover Relief for Individuals

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    #1

    Rollover Relief for Individuals

    Hi All,

    Please can I trouble the forum to advise whether CGT Rollover Relief (or similar?) would be available in either of the following two situations:

    1) Self-employed managing own property portfolio and looking to sell a property with the intention of re-investing in new property acquisitions

    2) Part-time employed (4 days a week) using remaining time to manage own property portfolio and looking to sell a property with the intention of re-investing in new property acquisitions

    Thanks as always for your comments.
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    #2
    You need to ask hmrc direct or a tax advisor if roll over relief is available to individuals .

    Here's link to transfer of business assets :-

    http://www.rossmartin.co.uk/index.ph...es-as-business

    Comment

      #3
      Thanks Gordon,

      My accountant has suggested that it should be fine in both situations although we haven't discussed in great detail.

      Comment

        #4
        If this is a privately owned property ( not within a trading business/company ) that you are selling then you can not claim Rollover Relief. I am surprised at you accountant not realising that. Regards Peter

        Comment

          #5
          That's disappointing.
          Perhaps I wasn't clear enough over the phone - I will have to ask again but it doesn't sound good!

          Comment

            #6
            Originally posted by TaxationPete View Post
            If this is a privately owned property ( not within a trading business/company ) that you are selling then you can not claim Rollover Relief. I am surprised at you accountant not realising that. Regards Peter
            Following the successful appeal to the UTT in Ramsay v. HMRC, I consider that rollover relief can apply to an individual property rental business. Whether it does apply in the OP's circumstances is another matter.

            Peter, what are your reason(s) for thinking otherwise?

            Comment

              #7
              http://www.hmrc.gov.uk/cgt/businesses/reliefs.htm.
              An individual rental property is not a business trading asset. Regards Peter

              Comment

                #8
                Peter,

                Rollover Relief/Incorporation Relief ( section 162 TCGA 1992) makes no mention of "business TRADING asset". The important point is the transfer of a BUSINESS - that is point on which HMRC lost at the UTT. I assume it is likely that HMRC will appeal the Ramsay decision, but I am not aware that this has been done?

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