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Roll Over of Gain on Sale to Council

Roll over a gain on sale of a residential property?

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My client's surveyor has advised him that he can roll over/defer the gain on the sale of a residential property to the council.  Is he correct? I am not familiar with this CGT relief (maybe it is something to do with compulsory purchase or similar sales).

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By Paul Crowley
17th Feb 2021 15:14

Not enough detail.
How was the property used

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By RetiredTax
17th Feb 2021 15:21

Suggest a starting point -- look at HMRC CGT Manual see para CG61900P et seq.

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By Paul Crowley
17th Feb 2021 15:42

Not enough detail.
How was the property used?

is it that it is FHL and client is looking to reinvest?
Edited

See Richard
But clearly needs to buy to roll over

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By RetiredTax
17th Feb 2021 15:24

Suggest a starting point -- look at HMRC CGT Manual see para CG61900P et seq.

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By Wanderer
17th Feb 2021 15:24

Ask the client to ask the surveyor for the basis of his assertions. Saves a lot of time and you wondering if you've missed something.

In the meantime, for background, read this:-
https://www.rossmartin.co.uk/private-client-a-estate-planning/capital-ga...

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By richard thomas
17th Feb 2021 15:27

I can only think that the surveyor is referring to s 247 TCGA 1992 (compulsory acquisition) so you need to establish the facts of the disposal and check them against the conditions for relief.

Note that you probably don't have to make a 30 day return if a rollover relief claim is a likelihood (see para 14 Sch 2 FA 2019).

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By BryanS1958
17th Feb 2021 16:06

Thanks everyone, compulsory acquisition sounds like the most likely relief....I will dig deeper with the client.

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Replying to BryanS1958:
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By Wanderer
17th Feb 2021 18:18

That's why I gave you that link. :)

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