Finance Act 1993

86 Roll-over relief. U.K.

(1) In section 155 of the M1 Taxation of Chargeable Gains Act 1992 (classes of assets for the purposes of roll-over relief), after Class 5 there shall be inserted—

“CLASS 6 U.K.

Ewe and suckler cow premium quotas (that is, rights in respect of any ewes or suckler cows to receive payments by way of any subsidy entitlement to which is determined by reference to limits contained in a Community instrument).”

(2) The Treasury may by order made by statutory instrument amend that section so as to add one or more further classes of assets to the classes specified in that section.

Any such order may make such consequential amendments [F1 of—

(a) Schedule 7AB to the Taxation of Chargeable Gains Act 1992, or

(b) paragraph 132 of Schedule 29 to the Finance Act 2002,

as appear to the Treasury to be appropriate.]

(3) A statutory instrument containing an order under subsection (2) above shall be subject to annulment in pursuance of a resolution of the House of Commons.

(4) Subsection (1) above shall apply where the disposal of the old assets (or an interest in them) or the acquisition of the new assets (or an interest in them) is on or after 1st January 1993; but, in relation to any accounting period of a company which began before 6th April 1992, subsection (1) above shall have effect as if the inserted class were numbered 5 and were inserted after Class 4 in section 118 of the M2 Capital Gains Tax Act 1979.

Textual Amendments

F1 Words in s. 86(2) substituted (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 41(5)

Marginal Citations

M1 1992 c. 12.

M2 1979 c. 14.