19:55 PM, 5th January 2017, About 5 years ago 7
My husband and I own a portfolio of properties in Aberdeen and want to sell to re invest in smaller more manageable properties in Edinburgh for our retirement. We’re both higher rate taxpayers.
We’ve been advised by one accountant to firstly sell our portfolio into a limited company to avoid CGT at 28% and then the company would sell the portfolio on the open market incurring LBTT but avoiding capital gains tax if the profits were reinvested in more property (roll over relief)
Our 2nd accountant says that rollover relief won’t be available as it only applies to business assets.
Can anyone help or should I find a third accountant ?
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