- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).
16(1)In any case where—
(a)an individual makes a material disposal of business assets, and
(b)the subject matter of that disposal (whether business, assets or shares or securities) was acquired, in whole or in part, from that individual's spouse, and
(c)that acquisition was either under the will or intestacy of the spouse or by way of lifetime gift and in the year of assessment in which occurred the spouse's death or, as the case may be, the lifetime gift, the individual and his spouse were living together, and
(d)as a result of the acquisition the individual acquired the whole of the interest in the business, assets, shares or securities concerned which, immediately before the acquisition or, as the case may be, the spouse's death, was held by the spouse, and
(e)not later than two years after the end of the year of assessment in which the material disposal occurred, the individual elects that this paragraph should apply,
the period which, apart from this paragraph, would be the qualifying period appropriate to that disposal shall be extended by assuming that, in the conditions which under section 69 of this Act are the relevant conditions applicable to the disposal, any reference to the individual were a reference either to the individual or his spouse.
(2)An election under sub-paragraph (1)(e) above shall be made by notice in writing to the inspector.
(3)Where the acquisition referred to in sub-paragraph (1)(c) above was by way of lifetime gift, the amount available for relief on the material disposal concerned, having regard to the extension of the qualifying period under sub-paragraph (1) above, shall not exceed whichever is the lower of the two limits specified in sub-paragraph (4) below.
(4)The limits referred to in sub-paragraph (3) above are—
(a)the amount by which £100,000 exceeds the amount of relief given under this Schedule on disposals made by the spouse up to and including the disposal by way of lifetime gift referred to in sub-paragraph (1)(c) above and on trustees' disposals in respect of which the spouse was the qualifying beneficiary; and
(b)the amount which would have been available for relief on the material disposal if—
(i)the lifetime gift had not occurred; and
(ii)the material disposal had been made by the spouse ; and
(iii)anything done by the individual in relation to the business concerned after the lifetime gift was in fact made had been done by the spouse.
(5)In sub-paragraph (4)(a) above, the reference to relief given under this Schedule includes a reference to relief given under section 34 of the [1965 c. 25.] Finance Act 1965 or section 124 of the [1979 c. 14.] Capital Gains Tax Act 1979.
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Y Diweddaraf sydd Ar Gael (diwygiedig):Y fersiwn ddiweddaraf sydd ar gael o’r ddeddfwriaeth yn cynnwys newidiadau a wnaed gan ddeddfwriaeth ddilynol ac wedi eu gweithredu gan ein tîm golygyddol. Gellir gweld y newidiadau nad ydym wedi eu gweithredu i’r testun eto yn yr ardal ‘Newidiadau i Ddeddfwriaeth’.
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