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Thread: Anyone any experience with Capital Gains Tax and Asset Rollover Relief if PAYE

  1. #1

    Anyone any experience with Capital Gains Tax and Asset Rollover Relief if PAYE

    Im thinking of selling an asset that would leave me liable to paying CGT but does anyone here have any experience in this field?
    Im PAYE and wanting to reinvest but all my research seems that that's only possible if you are a business.
    Cheers
    ...................................
    I'd rather have a bottle in front of me than a frontal lobotomy!
    Another 7mm08 shooter!

  2. #2
    It looks like one of the possible areas I could roll over capital gains is in woodland
    ...................................
    I'd rather have a bottle in front of me than a frontal lobotomy!
    Another 7mm08 shooter!

  3. #3
    depends what you are selling and what you are buying with the funds

    EIS is one option

  4. #4
    Selling land with planning.

    EIS is the route I was looking at but have seems some woodland can be an option also. The 3 year stability is tempting with woodland though
    ...................................
    I'd rather have a bottle in front of me than a frontal lobotomy!
    Another 7mm08 shooter!

  5. #5
    Generally, I don't think you can rollover land. You can rollover business assets. We sold some land about 8 years ago and some of the beneficiaries were several hundred mile away. They had never filed self-assessment tax returns so went to an accountant, who told them not to bother, just forget it. Their share came to less than 100,000, whereas I got stung for nearly 60,000. If you are just on PAYE and not filing SE returns, you might like to take a chance, but remember the HMRC's biggest source of information is jealous neighbours. You need to go to an accountant.

  6. #6
    EIS does give you roll over relief, but the whole purpose of EIS qualifying reliefs is the capital is employed in unquoted business where there is a good risk that the company will either go bust or never return your capital. I am involved in funding businesses with EIS and private equity money and is not an area to put your life savings as there many many pitfalls and many many offerings out there promising all sorts of returns.

  7. #7
    Brilliant. That's the kind of feedback I was hoping for.

    If if woodland isn't an option it looks like I'll get my chequebook out
    ...................................
    I'd rather have a bottle in front of me than a frontal lobotomy!
    Another 7mm08 shooter!

  8. #8
    Anyone any idea on the definition of a second home wrt stamp duty? If you were buying or selling a barn and land that has planning but is currently agricultural, surely the increase in stamp duty doesn't apply?
    ...................................
    I'd rather have a bottle in front of me than a frontal lobotomy!
    Another 7mm08 shooter!

  9. #9
    Can you not move it into a personal pension plan with no CGT? You will need an accountant naturally but if you move the asset before you sell it, I would have thought you could buy from within the pension as long as its not personal residential. Worth a look anyway but you will need help and advice. The tax will come when you remove it from the fund (if this is practicable) and how you move it out might make your liability up to 40% (taxed as income with annual allowances low) might be better to take the CGT hit if the allowance is high enough even though its in a single year?
    Good luck.

  10. #10
    Cheers. I don't really want to tie the money up in a pension as I am only in my 30's but I'll look into it.
    ...................................
    I'd rather have a bottle in front of me than a frontal lobotomy!
    Another 7mm08 shooter!

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