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  • Tax

    Defer profits 2 last unit after title split?

    Hi guys, would appreciate any advice if anyone has experience in this specific area!

    If you own a freehold building in 4 units and you title split and sell 3 of the units off individually in same tax year (after extensive renovations), and that amount equates to your entire costs (purchase +renovations), can you effectively leave the profits in the last unit & defer paying any tax until that unit is sold- or does the HMRC require you to pay tax proportionally as you go?! If so how would this work?!

         If anyone has any legal loopholes/strategies for minimising tax that are applicable it would also be much appreciated...

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    unfortunately not the cost is taken against each pro rata to values

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    Debbie Franklin

    Director of Tax Peplows Limited

    CTA ACA FCCA