Readers' forum: Roll up, roll up

I have been appointed to act for a client who is self-employed. In late March 2016 he sold his business premises for £750 000. There was a gain of £350 000 and his previous accountant claimed rollover relief on the 2015-16 tax return. I am not entirely sure of the advice given at that time but the client did understand that he had to reinvest in new business assets within three years. The question is ‘how much?’

While discussing his accounts recently the client told me that he bought another business property in December 2018 for £400 000 and was assuming that he had done what was required and that the gain was therefore rolled over but is that correct? When I suggested that this might not be the case the client appeared – to say the very least – surprised.

Can Taxation readers advise me of...