Tax on Selling a Property as a Ltd Company when Purchasing Another Shortly After

Tax on Selling a Property as a Ltd Company when...

Didn't find your answer?

Can a Ltd company sell a property and transfer any chargeable gains on the property across to the purchase of another property and therefore not be taxed on those gains?
 
For example the Company owns a property at £100,000 and sells it for £170,000 then chargeable gains are £65,000 after allowable reductions due to expenses. The company then purchases another property for £165,000. Does this mean the £65,000 gain would not be taxed?

Replies (13)

Please login or register to join the discussion.

By johngroganjga
03rd Feb 2015 14:25

Are you the company or its accountant?

Thanks (0)
avatar
By duncanedwards
03rd Feb 2015 15:13

No, sadly not the case.

Thanks (0)
avatar
By Wanderer
03rd Feb 2015 15:25

Use?

What is your company using the properties for?

Thanks (0)
Replying to SXGuy:
avatar
By JMQS Housing
03rd Feb 2015 15:28

Lettings

Wanderer wrote:

What is your company using the properties for?

The property concerned is Let out on 12 month contracts. Once sold and a new property is purchased then it will be used for the same purpose.

Thanks (0)
avatar
By User deleted
03rd Feb 2015 15:28

Usual story

A full answer expected with only half of the required information provided.

Thanks (0)
Replying to Roland195:
avatar
By JMQS Housing
03rd Feb 2015 15:29

what else do you need to know?

BKD wrote:

A full answer expected with only half of the required information provided.

 

What further information is needed? If I know I could provide it.

Thanks (0)
avatar
By User deleted
03rd Feb 2015 15:31

You've pretty much provided it - now


Letting of property is not a trade.

Thanks (0)
avatar
By Wanderer
03rd Feb 2015 15:31

Okay

On the link you have referenced read the part after "You can claim relief if:-"

Thanks (0)
By johngroganjga
03rd Feb 2015 15:34

My question was to see whether advice that the company should consult its own accountant would be appropriate, or whether you were perhaps yourself that accountant.

If you are asking about whether your company (or the company you act for) can claim business asset holdover relief you need to tell us whether and how you meet the conditions for that relief to be claimed, as you clearly know where those conditions are set out and explained.

Thanks (0)
avatar
By Outofpractice
03rd Feb 2015 15:41

dear op
You may come across some reluctance to answering your query.

That is because (in my opinion) it's apparent that you are the business owner rather than a member of the accounting profession.

This site (as stated on the main web page at the top & the about section) is for accountants seeking clarification on technical matters from other accountants.

I'm afraid it is most definitely not a one stop shop for businesses to get free advice.

Over the last while there have been increasing posts which are quite obviously businesses seeking free advice which they should (& rightly so) pay for.

While you might think what harm can it do to tell you what your asking there is often a lot more detail required in order to give a well formed answer.

As well as this I'm sure being in business yourself you can understand that accountants are not charities so why should they give their advice for free, I highly doubt you would if the show was on the other foot.

Thanks (2)
Replying to Tax Dragon:
paddle steamer
By DJKL
03rd Feb 2015 16:36

Mixed metaphors

Outofpractice wrote:
You may come across some reluctance to answering your query. That is because (in my opinion) it's apparent that you are the business owner rather than a member of the accounting profession. This site (as stated on the main web page at the top & the about section) is for accountants seeking clarification on technical matters from other accountants. I'm afraid it is most definitely not a one stop shop for businesses to get free advice. Over the last while there have been increasing posts which are quite obviously businesses seeking free advice which they should (& rightly so) pay for. While you might think what harm can it do to tell you what your asking there is often a lot more detail required in order to give a well formed answer. As well as this I'm sure being in business yourself you can understand that accountants are not charities so why should they give their advice for free, I highly doubt you would if the show was on the other foot.

 

Surely boot??

Can't think what  the "show" one is unless it  "goes on" ??. 

Thanks (0)
avatar
By Outofpractice
03rd Feb 2015 17:31

oh dear predictive text on phone
DJKL your quite right I had meant shoe but boot works just as well

Thanks (0)
Replying to johnt27:
paddle steamer
By DJKL
03rd Feb 2015 18:04

Sorry, I am slow today

Outofpractice wrote:
DJKL your quite right I had meant shoe but boot works just as well

Sorry, brain must have been asleep this afternoon, I did not even  think of  "Show" and "Shoe"  but now it is obvious.

Thanks (0)