Finance Act 1991

100 Relief on certain business etc. disposals by persons over 55 or who retire under that age for ill health

(1) Sections 69 and 70 of, and Schedule 20 to, the [1985 c. 54.] Finance Act 1985 (which give relief on certain disposals by persons over 60 or who retire under that age on grounds of ill health) shall be amended in accordance with the following provisions of this section.

(2) The words “the age of 55” shall be substituted for the words “the age of 60” wherever occurring in—

(a) section 69(1)(a) and (b), (4)(b) and (6)(b);

(b) section 70(1)(a) and (b), (2)(c), (4)(c) and (5)(c); and

(c) paragraph 5(2) and (4) of Schedule 20.

(3) In paragraph 13(1) of Schedule 20—

(a) in paragraph (a) (full relief up to the appropriate percentage of £125,000) for “£125,000” there shall be substituted “£150,000”; and

(b) in paragraph (b) (half relief on the excess, up to the appropriate percentage of £500,000) for “£125,000” and “£500,000” there shall be substituted “£150,000” and “£600,000” respectively.

(4) The amendments made by this section shall apply in relation to disposals on or after 19th March 1991.