Bought an asset for £40k a few years ago and claimed FYA for full value. If I sell before year end for say £30k then I have £30k taxable in current year. I then buy new asset in next financial year for £60k eligible for FYA. If I hold the current asset until the start of next year, the £30k disposal proceeds would get offset by the £60k FYA, so would therefore defer the tax. Ideally want to offload old asset sooner, so if disposed this year, is there any way to rollover the allowance to next year and the new asset?
5th Oct 2021
First Year allowance and Rollover Relief
Disposal of FYA asset, buy new FYA eligible asset next year, can I roll the allowance to defer tax?
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