Taxation of Chargeable Gains Act 1992

[F1 Gains on disposal of business or non-business assets U.K.

Textual Amendments

F1 Sch. 5BA inserted (27.7.1999) by Finance Act 1999 (c. 16), s. 72(2), Sch. 7

5 (1) The following rules apply to determine whether, or to what extent, the revived gain is for taper relief purposes a gain on the disposal of a business asset or a gain on the disposal of a non-business asset. U.K.

(2) The revived gain is treated as a gain on the disposal of an asset which was acquired on the issue of the original shares and disposed of on the date of the relevant disposal.

(3) That asset is treated as being the original shares during the period for which they were held.

(4) That asset is treated as being any relevant re-investment shares during the period for which those shares were held, or so much of that period as is not an overlap period in relation to those shares.

(5) For the purposes of sub-paragraph (4) an “overlap period”, in relation to any relevant re-investment shares, means a period during which those shares and also—

(a) any of the original shares, or

(b) any relevant re-investment shares issued before the relevant re-investment shares in question,

are held.]