capital gains tax

[B.Bee]

I am considering selling my property, but from selling I will make a substancial profit, which would normally be liable to CGT, however I choose to purchase a new property which includes my profit, will I have to pay CGT on the profit if it is reinvested in a new property, or paid against another mortgage to reduce its balance.

[kempie]

By 'property' do you mean house/home?
As long as it is your only or main residence it should be exempt from CGT.

http://www.taxationweb.co.uk/guides/selling_the_home.php

http://www.hmrc.gov.uk/leaflets/cgtfs1.htm#b10