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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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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?

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By Wilson Philips
05th Oct 2021 20:42


It’s standard tax planning - bring forward purchases and/or defer sales.

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By Winnie Wiggleroom
06th Oct 2021 07:18

would the 60k create a loss for tax purposes for that year?

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