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An overview of rollover relief.
KEY POINTS
- Rollover relief (to defer capital gains tax) is available when the proceeds from the disposal of an asset are reinvested in another asset where both are used for trading purposes.
- To qualify both the old and the new assets have to be of a type that falls within the list of assets set out in TCGA 1992 s 155.
- The replacement asset must be purchased no more than three years after the old asset was sold although it is also possible to purchase the replacement asset one year before the disposal of the old one.
- For an individual the time limit to claim the relief is four years from the end of the year of assessment to which the claim relates.
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