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No. The amount of gain capable of being rolled over is not found by reducing the total gain (£40,000) by the amount of proceeds not reinvested (£25,000) is potentially chargeable to corporation tax depending on the company’s other circumstances.
The company does however have the opportunity to rollover the exposed gain into other qualifying assets acquired in the year before or three years after the disposal. HMRC may, in certain circumstances, agree to an extension of the time limits.