Reader Question:
I bought a property for office use in 1984.
If I want to sell now what are the reliefs that I can apply to the gain?
Thanks
My response:
I am assuming that you run a business and that you plan to sell the offices (which are classed as a business asset). There are principally three reliefs that can be applied to capital gains on premises that have been used for business purposes.
- Business Asset Roll-Over Relief - All or part of your gain may be postponed if you buy another property or certain other assets for business use.
- Gifts Hold-Over Relief - If you give away your property all or part of your gain may be postponed until the property is sold. In most cases the person you give it to will pay any Capital Gains Tax.
- Entrepreneurs' Relief
All of the above are explained in full on the HMRC website under Capital Gains Tax reliefs on property
Best Wishes
Damien
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