Taxation of Chargeable Gains Act 1992 (c. 12)

Part V U.K. Transfer of business assets[F1 , [F2 business asset disposal relief] and investors' relief]

Textual Amendments

F1 Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)

F2 Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))

[F3 Chapter 3A U.K. [F2 business asset disposal relief] where company ceases to be individual's personal company

Textual Amendments

F3 Pt. 5 Ch. 3A inserted (with effect in accordance with Sch. 16 para. 4(5) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 3

169SG Elections under sections 169SC and 169SD U.K.

(1) An election under section 169SC or 169SD is irrevocable.

(2) An election under section 169SC must be made on or before the first anniversary of the 31 January following the tax year in which the notional disposal is made (“the relevant tax year”).

(3) An election under section 169SD may not be made more than 4 years after the end of the relevant tax year.

(4) If—

(a) an individual makes an election under both sections 169SC and 169SD, and

(b) a tax return under the Management Act would not otherwise be required for the relevant tax year,

the individual may make the elections by giving notice on or before the first anniversary of the 31 January following the relevant tax year.]