Taxation of Chargeable Gains Act 1992 (c. 12)

SCHEDULES

[F1 SCHEDULE 8B U.K. Hold-over relief for gains re-invested in social enterprises

Textual Amendments

F1 Sch. 8B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 12 para. 3

Claim to hold gain over while invested in a social enterprise U.K.

4 (1) The investor may make a claim for the original gain to be reduced— U.K.

(a) in a case within paragraph 1, by the amount invested, or by a part of that amount specified in the claim, or

(b) in a case within paragraph 2, to the extent specified in the claim,

but, in either case, subject as follows.

(2) The reduction may not be more than the original gain or, if the original gain has already been reduced under one or more of the listed provisions, the reduction may not be more than the reduced gain.

(3) In a case within paragraph 1, the claim may not relate to any part of the amount invested that under any of the listed provisions has already been set against a chargeable gain.

(4) The “listed provisions” are—

(a) sub-paragraph (1),

(b) Schedule 5B, and

(c) paragraph 1(5) of Schedule 5BB.

(5) The total of all reductions claimed by the investor under sub-paragraph (1) in any tax year must not be more than £1,000,000.

(6) If there is relief by way of a reduction under sub-paragraph (1) then, for the purposes of this Schedule, that relief—

(a) is attributable to the asset or assets that form the social holding, but

(b) ceases to be attributable to any particular asset, or to any particular part of a particular asset, when—

(i) a chargeable event occurs in relation to that asset or part, or

(ii) the person holding the asset or part dies.]