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(1)For subsection (9) of section 33 of the Finance Act 1965 (replacement of business assets: relief where person carries on two trades) there shall be substituted the following subsection—
“(9)This section shall apply in relation to a person who, either successively or at the same time, carries on two or more trades as if both or all of them were a single trade.”
(2)After the said subsection (9) there shall be inserted the following subsection—
“(9A)In relation to a case where—
(a)the person disposing of, or of his interest in, the old assets and acquiring the new assets, or an interest in them, is an individual, and
(b)the trade or trades in question are carried on not by that individual but by a company which, both at the time of the disposal and at the time of the acquisition referred to in paragraph (a) above, is his family company, within the meaning of section 34 below,
any reference in the preceding provisions of this section to the person carrying on the trade (or the two or more trades) includes a reference to that individual.”
(3)This section applies where the acquisition of, or of the interest in, the new assets takes place after 11th April 1978.
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