I have a portfolio of commercial properties and two buy-to-let properties.  I am now looking at some property development by buying and refurbishing properties and then reselling them, and was wondering how to proceed regarding tax.  If I make a profit on my first one can I roll it into a further investment without paying tax on my profits on each development?  Would it be more tax efficient to carry out the work through a new limited company?

If you make profits on your property development business you cannot roll it into a further investment without paying tax on the profits. Buying and selling properties is just like any other trading venture, there is no facility for rolling over (or holding over) the profits, for tax purposes. It may be more efficient, tax wise, to carry out the work through a limited company, simply because the profits in the company will not be subject to Class 4 National Insurance contributions, which would apply if you operated personally.