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Where Taxpayers and Advisers Meet

Delaying Capital Gain?

MickyV
Posts:16
Joined:Fri Jul 10, 2015 8:04 am
Delaying Capital Gain?

Postby MickyV » Tue Feb 06, 2018 10:39 am

I have built a pair of houses. One was sold a few months ago and the other is (hopefully!) due to complete at the end of March. If all goes according to plan, this would leave me with a Capital Gain of around £40k total. I do not expect to make any Capital Gains in 2018/19.

Is there any way (short of persuading the buyer to delay completion for a fortnight) that I can hold over the gain on the second house until April 6 so I can take advantage of my 2018/19 allowance?

Apart from anything else, experience on the first sale shows it would be prudent to hold back £5-10k to use for snagging issues which I will be liable for over the first few months. Can I reasonably withhold that?

wamstax
Posts:2019
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Delaying Capital Gain?

Postby wamstax » Tue Feb 06, 2018 10:50 am

You are missing a few difficulties First building houses for sale for profit is possibly not a capital gain but trading profits with a different method of calculation.

However if it is a CG then the year of the gain is determined by the date of exchange of an unconditional contract
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites

wamstax
Posts:2019
Joined:Wed Aug 06, 2008 3:39 pm
Location:Operate Nationally but based in Aberdeen
Contact:

Re: Delaying Capital Gain?

Postby wamstax » Tue Feb 06, 2018 10:51 am

Not completion
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites

MickyV
Posts:16
Joined:Fri Jul 10, 2015 8:04 am

Re: Delaying Capital Gain?

Postby MickyV » Tue Feb 06, 2018 2:31 pm

Thank you.

Much appreciated


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