CGT for the sale of 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

[Gordon999]

You need to ask your previous accountant as you may have trading losses from previous wholesale business to offset against any profit from sale of warehouse. Disposal of Property assets after closing or retiring from business is taxed at cgt rate different to residential property.