2 min Read
21 Oct 2011

Written by Damien

Damien is one of the most widely quoted money and investment experts in the national press and has made numerous radio & TV appearances. He created MoneytotheMasses.com while working in the City when he became disillusioned with the way the public were left to fend for themselves because they could not afford financial advice.

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Reader Question: What Capital Gains Tax (CGT) reliefs are available when I sell my offices?

Get an answer to your financial question online 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

Money to the Masses

Website: www.moneytothemasses.com

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