an individual (“the transferor”) makes a disposal otherwise than under a bargain at arm’s length of an asset within subsection (2) below, and

a claim for relief under this section is made by the transferor and the person who acquires the asset (“the transferee”) or, where the trustees of a settlement are the transferee, by the transferor alone,

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

in the case of a disposal of shares or securities, the transferee is a company,

in the case of a disposal of qualifying corporate bonds, a gain is deemed to accrue by virtue of section 116(10)(b), or

subsection (3) of section 260 applies in relation to the disposal (or would apply if a claim for relief were duly made under that section).

the amount of any chargeable gain which, apart from this section, would accrue to the transferor on the disposal, and

the amount of the consideration for which, apart from this section, the transferee would be regarded for the purposes of capital gains tax as having acquired the asset or, as the case may be, the shares or securities,

there is actual consideration (as opposed to the consideration equal to the market value which is deemed to be given by virtue of section 17(1)) for a disposal in respect of which a claim for relief is made under this section, and

that actual consideration exceeds the sums allowable as a deduction under section 38,

the disposal is a F63direct or indirect disposal of UK land which meets the non-residence condition, and

the transferee is resident in the United Kingdom.

a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or

a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c).

“personal company”, in relation to an individual, means a company the voting rights in which are exercisable, as to not less than 5 per cent., by that individual;

“holding company”, “trading company” and “trading group” have the meaning given by section 165A; and

“trade”, “profession” and “vocation” have the same meaning as in the Income Tax Acts.

the inheritance tax attributable to the value of the asset, and

the amount of the chargeable gain as computed apart from this subsection,

falls to be redetermined in consequence of the transferor’s death within 7 years of making the chargeable transfer in question, or

is otherwise varied,

in the course of, or for the purposes of, a trade being carried on by it,

for the purposes of a trade that it is preparing to carry on,

with a view to its acquiring or starting to carry on a trade, or

such as would make that company a 51% subsidiary of the acquiring company, or

such as would give the acquiring company a qualifying shareholding in a joint venture company without making the two companies members of the same group of companies.

any holding by it of shares in the joint venture company is to be disregarded, and

it is to be treated as carrying on an appropriate proportion of the activities of the joint venture company or, where the joint venture company is the holding company of a trading group, of the activities of that group;

one or more of whose members carry on trading activities, and

the activities of whose members, taken together, do not include to a substantial extent activities other than trading activities.

in the course of, or for the purposes of, a trade being carried on by any member of the group,

for the purposes of a trade that any member of the group is preparing to carry on,

with a view to any member of the group acquiring or starting to carry on a trade, or

such as would make that company a member of the same group of companies as the acquiring company, or

such as would give the acquiring company a qualifying shareholding in a joint venture company without making the joint venture company a member of the same group of companies as the acquiring company.

every holding of shares in the joint venture company by a member of the group having a qualifying shareholding in it is to be disregarded, and

each member of the group having such a qualifying shareholding is to be treated as carrying on an appropriate proportion of the activities of the joint venture company or, where the joint venture company is a holding company of a trading group, of the activities of that group;

though resident F75... in the United Kingdom, is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and

by virtue of the arrangements would not be liable in the United Kingdom to tax on a gain arising on a disposal of the asset occurring immediately after its acquisition.

is F77not resident in the United Kingdom, and

F78is or is connected with the person making the disposal.

he is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and

by virtue of the arrangements he would not be liable in the United Kingdom to tax on a gain arising on a disposal of the assets.

a gain would accrue to the transferor on the disposal, and

on the assumption that the disposal is a direct or indirect disposal of UK land which meets the non-residence condition (whether or not that is the case), that gain would be a relevant gain (see subsections (6) and (7)).

section 165(4), as modified by subsection (2) of this section, has effect in relation to the disposal as if the reference to “chargeable gain” were a reference to F85“relevant gain”,

section 165(6) has effect in relation to the disposal as if the references to “chargeable gain” were references to F86“relevant gain”, and

section 165(7) has effect in relation to the disposal as if the reference to “the excess referred to in paragraph (b) above” were a reference to F87“the relevant gain which, ignoring this section and section 17(1), would accrue to the transferor on the disposal”.

is deemed to accrue to the transferee (in addition to any gain or loss that actually accrues on that subsequent disposal), and

(if that would not otherwise be the case) is to be treated as a relevant gain.

the reference to “the chargeable gain accruing to the transferee on the disposal of the asset” were a reference to the chargeable gain accruing on the disposal as computed apart from subsection (4), and

a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or

a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c).

relief is given under section 165 in respect of a disposal to an individual or under section 260 in respect of a disposal to an individual (“the relevant disposal”); and

the transferee is resident in the United Kingdom at the time of that disposal; and

at a time when he has not disposed of the asset in question, the transferee F92ceases to be resident in the United Kingdom,

the reason for his F95ceasing to be resident in the United Kingdom is that he works in an employment or office all the duties of which are performed outside the United Kingdom, and

he again becomes resident F96... in the United Kingdom within the period of 3 years from the time when he ceases to be so, without having meanwhile disposed of the asset in question;

an interest in UK land is deemed to have been disposed of under section 168(1) by a transferee at any time, and

the transferee makes an election under this subsection.

at the material time the trustees to whom the disposal is made F98are resident F99... in the United Kingdom F100... ; and

“the material time” means the time of the relevant disposal; and

a “notional disposal” means a disposal by the trustees of the asset which was the subject of the relevant disposal.

on a disposal to members of a partnership, and

for a consideration which is treated as reduced under section 165(4)(b) or 260(3)(b),

made by a person (“the transferor”) to the trustees of a settlement, and

in respect of which Condition 1 or Condition 2 below is satisfied.

there is a settlor (see section 169E) who has an interest in the settlement (see section 169F), or

an arrangement (see section 169G) subsists under which such an interest will or may be acquired by a settlor.

a chargeable gain would (assuming that neither section 165(4) nor section 260(3) applied in relation to the relevant disposal) accrue to the transferor on that disposal,

in computing the gain, the allowable expenditure would to any extent fall to be reduced in consequence, directly or indirectly, of a claim under section 165 or 260 in respect of an earlier disposal made by an individual (whether or not to the transferor), and

made by a person (“the transferor”) to the trustees of a settlement,

in relation to which section 165(4) or 260(3) applies, or would apart from this section apply, and

in respect of which Condition 1 or Condition 2 below is satisfied.

there is a settlor who has an interest in the settlement, or

an arrangement subsists under which such an interest will or may be acquired by a settlor.

in computing the chargeable gain which would (assuming that neither section 165(4) nor section 260(3) applied in relation to the relevant disposal) accrue to the transferor on that disposal, the allowable expenditure would fall to be reduced,

that reduction would to any extent fall to be made in consequence, directly or indirectly, of a claim under section 165 or 260 in respect of an earlier disposal made by an individual (whether or not to the transferor), and

the transferor is an individual, and

he dies before the material time.

the trustees of the settlement, or

any person whose title to any property to any extent derives, directly or indirectly, from them,

beginning immediately after the making of the relevant disposal, and

ending six years after the end of the year of assessment in which that disposal was made.

the settlement, or

any part of the settlement,

if any of the property is applied for the benefit of a beneficiary, it is applied for the disabled person's benefit, and

the trustees' having powers that enable them to apply in any tax year otherwise than for the benefit of the disabled person amounts (whether consisting of income or capital, or both) not exceeding the annual limit,

the trustees' having the powers conferred by section 32 of the Trustee Act 1925 (powers of advancement),

the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by proviso (a) of subsection (1) of that section,

the trustees' having the powers conferred by section 33 of the Trustee Act (Northern Ireland) 1958 (corresponding provision for Northern Ireland),

the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by subsection (1)(a) of that section, or

the trustees' having powers to the like effect as the powers mentioned in any of paragraphs (b) to (e).

£3,000, and

3% of the amount that is the maximum value of the settled property during the tax year in question.

specify circumstances in which subsection (4B)(a) is, or is not, to apply in relation to a trust, and

amend the definition of “the annual limit” in subsection (4C).

make different provision for different cases, and

contain transitional and saving provision.

he has an interest in the settlement, or

an arrangement subsists under which such an interest will or may be acquired by him;

is a beneficiary under the settlement, or

would be such a beneficiary if he had the interest in the settlement by virtue of which subsection (5)(b) above applies in relation to him.

he is an individual, and

the settled property consists of, or includes, property originating from him.

property which that settlor has provided directly or indirectly for the purposes of the settlement, and

property which wholly or partly represents that property or any part of it.

include references to property which has been provided directly or indirectly by another person in pursuance of reciprocal arrangements with that settlor, but

do not include references to property which that settlor has provided directly or indirectly in pursuance of reciprocal arrangements with another person.

any property which F115is or may at any time be comprised in the settlement, or

any derived property,

any property which is comprised in the settlement, or

any derived property.

any property which is or may at any time be comprised in the settlement, or any derived property, is, or will or may become, payable to or applicable for the benefit of a child of the individual, at a time when that child is a dependent child of his, in any circumstances whatsoever, or

a dependent child of the individual enjoys a benefit deriving directly or indirectly from any property which is comprised in the settlement or any derived property.

the widow or widower F121or surviving civil partner of the individual.

“child” includes a stepchild.

in the case of a marriage settlement or civil partnership settlement, the death of both parties to the marriage or civil partnership and of all or any of the children of the family of the parties to the marriage or civil partnership, or

the death of a child of the individual where the child had become beneficially entitled to the property or any derived property at an age not exceeding 25.

income from that property,

income from property which is derived property by virtue of paragraph (b) above.

a material disposal of business assets: see section 169I,

a disposal of trust business assets: see section 169J, and

a disposal associated with a relevant material disposal: see section 169K.

an individual makes a disposal of business assets (see subsection (2)), and

the disposal of business assets is a material disposal (see subsections (3) to (7)).

a disposal of the whole or part of a business,

a disposal of (or of interests in) one or more assets in use, at the time at which a business ceases to be carried on, for the purposes of the business, or

a disposal of one or more assets consisting of (or of interests in) shares in or securities of a company.

the business is owned by the individual throughout the period of F1322 years ending with the date on which the business ceases to be carried on, and

that date is within the period of 3 years ending with the date of the disposal.

the company is the individual's personal company and is either a trading company or the holding company of a trading group, and

the individual is an officer or employee of the company or (if the company is a member of a trading group) of one or more companies which are members of the trading group.

ceases to be a trading company without continuing to be or becoming a member of a trading group, or

ceases to be a member of a trading group without continuing to be or becoming a trading company,

there has been an issue of shares in the company to the individual following a relevant business transfer, and

any of the issued shares constitute, or otherwise form part of, the shares disposed of,

the assets disposed of are relevant EMI shares,

the option grant date is, or is before, the first date of the period of F1382 years ending with the date of the disposal, and

the assets disposed of are relevant EMI shares acquired by the individual before the cessation date,

the option grant date is, or is before, the first date of the period of F1402 years ending with the cessation date,

the conditions in paragraph (c) of subsection (7A) are met throughout that period of F1412 years, and

the cessation date is within the period of 3 years ending with the date of the disposal.

shares of a company acquired by an individual to which subsection (7D) applies, or

shares of a company to which subsection (7F) applies.

acquires them on or after 6 April 2013, and

acquires them as a result of the exercise of a qualifying option within the meaning given by section 527(4) of ITEPA 2003 (enterprise management incentives) where the option is exercised on or before the tenth anniversary of the date mentioned in section 529(2) of that Act.

a disqualifying event (see section 533 of ITEPA 2003) occurs in relation to the option before its exercise, and

it is exercised later than the period mentioned in section 532(1)(b) of ITEPA 2003.

the shares are the new holding in a case in which section 127 applies in relation to an individual,

the original shares in that case are relevant EMI shares (whether by virtue of subsection (7D) or this subsection), and

the exchange of shares in question is a qualifying exchange of shares as defined in paragraph 40 of Schedule 5 to ITEPA 2003, and

when the exchange occurs, the independence requirement (see paragraph 9 of Schedule 5 to ITEPA 2003) and the trading activities requirement (see paragraphs 13 and 14 of that Schedule) are met in relation to the new company (see paragraph 40(1)(a) of that Schedule).

the company whose shares are the original relevant EMI shares, or

the date on which the old option was granted, or

if the old option was also a replacement option, the date on which the earlier old option was granted,

ceases to be a trading company without continuing to be or becoming a member of a trading group, or

ceases to be a member of a trading group without continuing to be or becoming a trading company.

if the shares are relevant EMI shares by virtue of subsection (7F), the original relevant EMI shares were acquired as mentioned in paragraph (a).

an individual who disposes of (or of interests in) assets used for the purposes of a business carried on by the individual on entering into a partnership which is to carry on the business is to be treated as disposing of a part of the business,

the disposal by an individual of the whole or part of the individual's interest in the assets of a partnership is to be treated as a disposal by the individual of the whole or part of the business carried on by the partnership, and

at any time when a business is carried on by a partnership, the business is to be treated as owned by each individual who is at that time a member of the partnership.

the trustees of a settlement make a disposal of settlement business assets (see subsection (2)),

there is an individual who is a qualifying beneficiary (see subsection (3)), and

the relevant condition is met (see subsections (4) and (5)).

assets consisting of (or of interests in) shares in or securities of a company, or

assets (or interests in assets) used or previously used for the purposes of a business,

the whole of the settled property, or

a part of it which consists of or includes the settlement business assets disposed of.

the company is the qualifying beneficiary's personal company and is either a trading company or the holding company of a trading group, and

the qualifying beneficiary is an officer or employee of the company or (if the company is a member of a group of companies) of one or more companies which are members of the trading group.

the settlement business assets are used for the purposes of the business carried on by the qualifying beneficiary throughout the period of F1432 years ending not earlier than 3 years before the date of the disposal, and

the qualifying beneficiary ceases to carry on the business on the date of the disposal or within the period of three years before that date.

the reference to a business carried on by the qualifying beneficiary includes a business carried on by a partnership of which the qualifying beneficiary is a member, and

the reference to the qualifying beneficiary ceasing to carry on the business includes the qualifying beneficiary ceasing to be a member of the partnership or the partnership ceasing to carry on the business.

condition A1, F145A1A, A2 or A3 is met, and

conditions BF146, C and D are met.

P's disposed of interest is at least a 5% interest in the partnership's assets, and

at the date of the disposal, no partnership purchase arrangements exist.

that interest is an interest of less than 5%,

P holds at least a 5% interest in the partnership's assets throughout a continuous period of at least 3 years in the 8 years ending with the date of the disposal, and

at the date of the disposal, no partnership purchase arrangements exist.

the ordinary shares disposed of constitute at least 5% of the company's ordinary share capital and are shares in the individual's personal company (and section 169S(3A)(a) to (c) apply here but as if the reference to the final day of the period mentioned in section 169S(3A)(a) were to the date of the disposal), and

no share purchase arrangements exist.

the securities disposed of constitute at least 5% of the value of the securities of the company, and

no share purchase arrangements exist.

company A, or

a company which is a member of a trading group of which company A is a member.

company A, or

a company which is a member of a trading group of which company A is a member,

the date of the material disposal of business assets, and

the cessation of the business of the partnership or company,

is entitled to acquire at a future date, or

will at a future date be entitled to acquire.

a Scottish partnership, or

a partnership under the law of any other country or territory under which assets of a partnership are regarded as held by or on behalf of the partnership as such,

in the case of a material disposal of business assets, are assets used for the purposes of a business carried on by the individual or a partnership of which the individual is a member,

in the case of a disposal of trust business assets, are assets used for the purposes of a business carried on by the qualifying beneficiary or a partnership of which the qualifying beneficiary is a member, or

in the case of a disposal associated with a relevant material disposal, are assets used for the purposes of a business carried on by the partnership or company.

shares and securities, and

assets, other than shares or securities, which are held as investments.

as part of a qualifying business disposal, a person (“P”) disposes of goodwill directly or indirectly to a close company (“C”), and

immediately after the disposal, P meets any of the personal company conditions in the case of C or any company which is a member of a group of companies of which C is a member.

the reference to the personal company conditions is a reference to any of the conditions in 169S(3)(a), (b), (c)(i) or (ii), and

P is taken to have all the rights and interests of any relevant connected person.

section 169S(3) is treated as having effect with the omission of the references to “by virtue of that holding”,

section 169S(3A)(a) and (b) are to apply for the purposes of section 169S(3)(c)(ii) but as if the reference to the final day of the period mentioned in section 169S(3A)(a) were to the time immediately after the disposal, and

the condition in section 169S(3)(c)(i) is to be read as containing two separate conditions (one relating to profits and the other relating to assets).

F169subsection (1)(b) applies by virtue of P's ownership, or any relevant connected person's ownership, of C's ordinary share capital, and

the conditions mentioned in subsection (1B) are met,

P and any relevant connected person dispose of C's ordinary share capital to another company (“A”) such that, immediately before the end of the relevant period, neither P nor any relevant connected person own any of C's ordinary share capital, and

is not resident in the United Kingdom, but

would be a close company if it were resident in the United Kingdom,

disposes of goodwill as part of a qualifying business disposal, and

is party to relevant avoidance arrangements,

that subsection (4) does not apply in relation to the goodwill, F172...

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

in the case of a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and

otherwise, by the individual.

the relevant gains (see subsection (5)) are to be aggregated, and

any relevant losses (see subsection (6)) are to be aggregated and deducted from the aggregate arrived at under paragraph (a).

the gain mentioned in subsection (2), and

if the qualifying business disposal is of (or of interests in) shares in or securities of a company (or both), the gains accruing on the disposal (computed in accordance with the provisions of this Act fixing the amount of chargeable gains), and

otherwise, the gains accruing on the disposal of any relevant business assets comprised in the qualifying business disposal (so computed).

if the qualifying business disposal is of (or of interests in) shares in or securities of a company (or both), any losses accruing on the disposal (computed in accordance with the provisions of this Act fixing the amount of allowable losses, on the assumption that notice has been given under section 16(2A) in respect of them), and

otherwise, any losses accruing on the disposal of any relevant business assets comprised in the qualifying business disposal (so computed, on that assumption).

where the qualifying business disposal is made by an individual, earlier qualifying business disposals made by the individual and earlier disposals of trust business assets in respect of which the individual is the qualifying beneficiary, and

where the qualifying business disposal is a disposal of trust business assets in respect of which an individual is the qualifying beneficiary, earlier disposals of trust business assets in respect of which that individual is the qualifying beneficiary and earlier qualifying business disposals made by that individual.

the whole of the settled property, or

a part of it which consists of or includes the shares or securities (or interests in shares or securities) or assets (or interests in assets) disposed of.

the qualifying beneficiary's interest in the income of the part of the settled property comprising the shares or securities (or interests in shares or securities) or assets (or interests in assets) disposed of, bears to

the interests in that income of all the beneficiaries (including the qualifying beneficiary) who then have interests in possession in that part of the settled property.

in the case of a disposal of settlement business assets within paragraph (a) of subsection (2) of section 169J, throughout which the conditions in paragraphs (a) and (b) of subsection (4) of that section are met, and

in the case of a disposal of settlement business assets within paragraph (b) of subsection (2) of that section, throughout which the business is carried on by the qualifying beneficiary.

that the assets which (or interests in which) are disposed of are in use for the purposes of the business for only part of the period in which they are in the ownership of the individual,

that only part of the assets which (or interests in which) are disposed of are in use for the purposes of the business for that period,

that the individual is concerned in the carrying on of the business (whether personally, as a member of a partnership or as an officer or employee of a company which is the individual's personal company) for only part of the period in which the assets which (or interests in which) are disposed of are in use for the purposes of the business, and

that, for the whole or any part of the period for which the assets which (or interests in which) are disposed of are in use for the purposes of the business, their availability is dependent on the payment of rent.

in a case within paragraph (a) of subsection (4), the length of the period for which the assets are in use as mentioned in that paragraph,

in a case within paragraph (b) of that subsection, the part of the assets that are in use as mentioned in that paragraph,

in a case within paragraph (c) of that subsection, the length of the period for which the individual is concerned in the carrying on of the business as mentioned in that paragraph, and

in a case within paragraph (d) of that subsection, the extent to which any rent paid is less than the amount which would be payable in the open market for the use of the assets.

there is a reorganisation (within the meaning of section 126), and

the original shares and the new holding (within the meaning of that section) would fall to be treated by virtue of section 127 as the same asset.

if the reorganisation would (apart from section 127) involve a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and

otherwise, by the individual.

if the relevant transaction, so far as it relates to the old asset, would (apart from section 116(10)) involve a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and

otherwise, by the individual.

is a trade, profession or vocation, and

is conducted on a commercial basis and with a view to the realisation of profits.

the individual holds at least 5% of the ordinary share capital of the company,

by virtue of that holding, at least 5% of the voting rights in the company are exercisable by the individual, and

it is to be assumed that (so far as this is not otherwise the case) the whole of the ordinary share capital is disposed of at that time for a consideration equal to its market value on the final day of the period,

it is to be assumed that the amount of the proceeds to which the individual would be beneficially entitled at that time is the amount of the proceeds to which, having regard to all the circumstances as they existed at that time, it would be reasonable to expect the person to be beneficially entitled, and

the effect of any avoidance arrangements is to be ignored.

arrangements are “avoidance arrangements” if the main purpose of, or one of the main purposes of, the arrangements is to secure that any provision of this Chapter applies or does not apply, and

“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

for the purposes of section 158(1)(b), a person carrying on a business of banking were not a loan creditor of a company in respect of any loan capital or debt issued or incurred by the company for money lent by the person to the company in the ordinary course of that business,

sections 171(1)(b) and (3), 173, 174 and 176 to 181 were omitted, and

any modifications were made as are necessary for the purpose of applying that Chapter as if the individual were company A.

if, immediately before the relevant share issue, the individual had made a disposal at their relevant value of all assets consisting of shares in or securities of the company, the disposal would have been a material disposal of business assets, and

if a claim for F2business asset disposal relief had been made in respect of that disposal, a chargeable gain would have been treated by section 169N(2) as accruing to the individual.

as having made a disposal immediately before the relevant share issue of all assets consisting of shares in or securities of the company, and

immediately after that event, as having reacquired those assets,

references to “the notional disposal” are references to the disposal mentioned in subsection (4)(a),

references to “the notional gain” are references to the chargeable gain mentioned in subsection (3)(b), and

references to shares in or securities of a company include references to interests in such shares or securities.

no chargeable gain or allowable loss is to be treated as accruing to the individual on the notional disposal, but

a chargeable gain calculated in accordance with this section is to be treated as accruing to the individual on any subsequent disposal by the individual of one or more assets consisting of shares in or securities of the company (in addition to any gain or loss that actually accrues on that disposal).

there must be calculated the chargeable gain that would have been treated by section 169SD(1)(b) as accruing to the individual if, at the time of the relevant transaction, the old asset had been disposed of immediately before that transaction,

the whole or a corresponding part of the chargeable gain mentioned in paragraph (a) is to be treated as accruing on the subsequent disposal of the whole or part of the new asset (in addition to any gain or loss that actually accrues on that disposal and any chargeable gain treated by section 116(10)(b) as accruing on that disposal), and

on that subsequent disposal, section 115 (exemptions for gilt-edged securities and qualifying corporate bonds) has effect only in relation to any gain that actually accrues and not in relation to any gain which is treated as accruing by virtue of paragraph (b).

an individual makes an election under both sections 169SC and 169SD, and

a tax return under the Management Act would not otherwise be required for the relevant tax year,

that the first eventual gain accrues in a case in which the original gain would, but for the operation of the applicable Schedule, have accrued on a relevant business disposal, or

where the first eventual gain accrues in a case in which the original gain would, but for the operation of the applicable Schedule, have accrued as a result of the operation of either of the paragraphs mentioned in subsection (2), that the underlying disposal is a relevant business disposal.

except for F189relevant purposes, is not to be taken into account under this Act as a chargeable gain.

except for F189relevant purposes, is not to be taken into account under this Act as a chargeable gain.

a disposal mentioned in subsection (2) or (3) of this section is treated for the purposes of section 169P(1) as a disposal associated with a relevant material disposal, but

section 169P applies in relation to that disposal as if the disposal referred to in section 169P(4) were the disposal mentioned in section 169U(4)(a) or (b).

section 169N(2) to (4B), (7) and (8), and