CGT 10% or 18%
A claim to business asset roll-over relief was made on the 2007 Tax Return. CGT at 10% (after 75% business asset taper relief) was deferred.
The new asset now has a base cost of Nil. The new asset is now likely to be sold (post 06 April 2008) and CGT will be payable at 18%.
Can the 2007 Tax Return roll-over claim be withdrawn? If so, is this an amendment to the 2007 Tax Return and therefore must be done before 31 January 2009? Hmmmm, as I write this I can see a problem if we do not know prior to 31 Jan 2009 that the new asset is to be sold. There is of course a five year period for a roll-over claim to be made; could this apply to a withdrawal?