Blogger
Share this content
0
2
867

LAND SELL AND BUY

AN INDIVIDUAL PURCHASED SOME LAND 5 YEARS AGO FOR THE PURPOSE OF CATTLE FARMING AND PAID £300,000 FOR IT.

HE NOW WISHES TO SELL THE LAND FOR AT LEAST DOUBLE THE PRICE HE PAID FOR. THE PROCEEDS ARE TO BE USED FOR PURCHASING LAND FOR A SIMILAR PURPOSE, BUT OUTSIDE UK.

CAN HE CLAIM ROLLOVER RELEIF EVEN THOUGH THE LAND HE IS BUYING IS OUTSIDE UK?

WILL HE BE ELIGIBLE FOR ENTERPRENEURS RELEIF? IF SO HOW MUCH .

Replies

Please login or register to join the discussion.

avatar
By blok
20th Mar 2012 16:33

.

THERE IS A GENUINE QUESTION IN THERE SOMEWHERE WHICH I NEARLY ANSWERED - BUT FIRSTLY, WHAT IS YOUR ROLE IN ALL OF THIS?

IS IT YOU THAT IS BUYING A LAND OR ARE YOU ADVISING A PERSON?

Thanks (0)
avatar
20th Mar 2012 17:00

do you mean roll-over (re-investment) relief?

It might be possible to claim if the new land is to be used as a business asset in a qualifying trade, but if the UK business is being sold, it could be that the Capital Gains tax due might not be as much as expected given that Entrepreneurs relief may be due.

It all depends on the circumstances, including the person doing the selling - the question is a bit vague.

Thanks (0)