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Selling holiday let , to buy another or maybe 2!

 
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Alfie1889



Joined: 05 Jun 2019
Posts: 2
Location: Whitby

PostPosted: Sun May 09, 2021 11:14 am    Post subject: Selling holiday let , to buy another or maybe 2! Reply with quote

Hi, we are looking to sell our cottage in Whitby , we are in the process of applying for planning permission for 2/3 houses on the garden which I doubt will be granted, but Iíve got to try !

My question is, say we sell the cottage and we have 150k equity , and use it to purchase another house, / apartment etc, within a year to run as a holiday let, will I get taxed on the equity?

We have had the cottage since 2003 but only ran it as a holiday let for around the last 10 years.
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zebedee



Joined: 12 Sep 2014
Posts: 1249
Location: yorkshire dales

PostPosted: Sun May 09, 2021 11:35 am    Post subject: Reply with quote

I would suggest you speak to an accountant. There is the ability to roll over your capital from one business to another without being liable for capital gains tax at that time. It has to be a holiday let though, not residential let, as you will see in the link below.
However, I would definitely pay an accountant to do this work, both to be sure you are following the guidance correctly for your own circumstances, and for the scrutiny and safety it provides, as seen by HMRC


https://www.google.co.uk/amp/s/amp.theguardian.com/money/2020/jan/27/if-i-sell-a-buy-to-let-property-and-buy-another-can-i-defer-cgt
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Alfie1889



Joined: 05 Jun 2019
Posts: 2
Location: Whitby

PostPosted: Sun May 09, 2021 12:00 pm    Post subject: Reply with quote

Thank you for your quick reply, I will have a read up, and get in touch with an accountant
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