Compulsory purchase order and rollover

Compulsory purchase order and rollover

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The client is reinvesting the proceeds but the purchase has not yet gone through.

The difficulty come in the fact that the client is reinvesting all of the proceeds but, in the interim, his tax return needs to submitted showing a CGT liability of £15,000.  However, if he pays this tax he will not be able to complete the reinvestment.

The reinvestment will take place this year.  Would the solution be to file the return showing the gain but not pay it and expalin to HMRC that relief will be claimed later in the year which will wipe out the gain or is there a better solution?

Many thanks to anyone that takes the time to respond at this late stage of January.

Replies (4)

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By User deleted
29th Jan 2014 11:49

You should read ...

... TCGA 1992 s153A

(and Helpsheet 290)

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Replying to ads1188:
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By dhughes1975
29th Jan 2014 13:23

Thank you, the provisional relief in helpsheet 290 is what I was looking for.

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By Steve Kesby
29th Jan 2014 13:37

Possibly...

... s 247A?

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By User deleted
29th Jan 2014 13:47

I would say "probably", Steve

But the song remains the same.

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