as if the consideration for the disposal of, or of the interest in, the old assets were (if otherwise of a greater amount or value) of such amount as would secure that on the disposal neither a gain nor a loss accrues to him, and

as if the amount or value of the consideration for the acquisition of, or of the interest in, the new assets were reduced by the excess of the amount or value of the actual consideration for the disposal of, or of the interest in, the old assets over the amount of the consideration which he is treated as receiving under paragraph (a) above,

as if the amount of the gain so accruing were reduced to the amount of the said part (and, if not all chargeable gain, with a proportionate reduction in the amount of the chargeable gain), and

as if the amount or value of the consideration for the acquisition of, or of the interest in, the new assets were reduced by the amount by which the gain is reduced (or as the case may be the amount by which the chargeable gain is proportionately reduced) under paragraph (a) of this subsection,

that the whole or any specified part of the consideration will be applied in the acquisition of, or of an interest in, other assets (“the new assets”) which on the acquisition will be taken into use, and used only, for the purposes of the trade;

that the acquisition will take place as mentioned in subsection (3) of section 152; and

that the new assets will be within the classes listed in section 155.

if and to the extent that it is withdrawn before the relevant day, or is superseded before that day by a valid claim made under section 152 or 153, on the day on which it is so withdrawn or superseded; and

if and to the extent that it is not so withdrawn or superseded, on the relevant day.

shall be made by making or amending assessments or by repayment or discharge of tax; and

shall be so made notwithstanding any limitation on the time within which assessments or amendments may be made.

in relation to capital gains tax, the third anniversary of the 31st January next following the year of assessment in which the disposal of, or of the interest in, the old assets took place;

in relation to corporation tax, the fourth anniversary of the last day of the accounting period in which that disposal took place.

the “held-over gain” means the amount by which, under those sections, and apart from the provisions of this section, any chargeable gain on one asset (“asset No.1”) is reduced, with a corresponding reduction of the expenditure allowable in respect of another asset (“asset No.2”), and

any reference to a gain of any amount being carried forward to any asset is a reference to a reduction of that amount in a chargeable gain coupled with a reduction of the same amount in expenditure allowable in respect of that asset.

the claimant disposes of asset No.2, or

he ceases to use asset No.2 for the purposes of a trade carried on by him, or

the expiration of a period of 10 years beginning with the acquisition of asset No.2,

if the transferee holds asset No 2, it shall be treated for the purpose of subsection (2), in relation to asset No 2, as if it were the claimant, or

if the transferee holds shares in the company which holds asset No 2, section 175 shall apply in relation to the group of which the transferee is a member as if it were the same group as any group of which the claimant was a member before the merger.

references to the merger shall be treated as references to the transfer,

references to section 140E shall be treated as references to section 140A, and

references to the transferor and the transferee shall be treated as references to the transferor and the transferee in relation to the asset.

the gain held-over from asset No.1 shall be carried forward to asset No.3, and

the claim which applies to asset No.2 shall be treated as withdrawn (so that subsection (2) above does not apply).

that the consideration for asset No.1 was applied in acquiring asset No.3, and

that the time between the disposal of asset No.1 and the acquisition of asset No.3 was within the time limited by section 152(3),

subsection (4) above applies to the first-mentioned part, and

the other part remains subject to subsection (2) above.

at that time it is a wasting asset, as defined in section 44, or

within the period of 10 years beginning at that time it will become a wasting asset (so defined).

of dealing in or developing land, or

of providing services for the occupier of land in which the person carrying on the trade has an estate or interest.

section 898 of that Act (roll-over relief where pre-FA 2002 assets disposed of on or after 1 April 2002), or

section 899 of that Act (roll-over relief where degrouping charge on pre-FA 2002 asset arises on or after 1 April 2002).

an asset of a class specified in section 155, and

an intangible fixed asset for the purposes of Part 8 of CTA 2009.

does not include any period beginning on or after 1 April 2002, and

may not be extended so as to include any such period.

in relation to the discharge of the functions of a public authority, and

in relation to the occupation of woodlands where the woodlands are managed by the occupier on a commercial basis and with a view to the realisation of profits, and

in relation to a profession, vocation, office or employment, and

in relation to such of the activities of a body of persons whose activities are carried on otherwise than for profit and are wholly or mainly directed to the protection or promotion of the interests of its members in the carrying on of their trade or profession as are so directed, and

in relation to the activities of an unincorporated association or other body chargeable to corporation tax, being a body not established for profit whose activities are wholly or mainly carried on otherwise than for profit, but in the case of assets within head A of class 1 only if they are both occupied and used by the body, and in the case of other assets only if they are used by the body, F19and

in relation to the activities of a company owned by such an unincorporated association or other body (“the parent body”), but in the case of any assets within head A of class 1 only if they are both occupied and used by the parent body, and in the case of any other assets only if they are used by the parent body,

it holds not less than 90% of the company’s ordinary share capital,

it is beneficially entitled to not less than 90% of the profits available for distribution to the equity holders of the company, and

it would be beneficially entitled on a winding up to not less than 90% of the assets of the company available for distribution to equity holders.

“ordinary share capital” has the meaning given by section 832(1) of the Taxes Act and also includes, in relation to a company that has no share capital, any interests in the company possessed by members of the company, and

the meaning of “equity holder” and method of determination of profits or assets available for distribution shall be that prescribed for the purposes of paragraph 8 of Schedule 7AC by sub-paragraphs (2) and (3) of that paragraph.

the person acquires the new assets after he has disposed of the old assets, and

immediately after the time they are acquired the person is resident F22... in the United Kingdom.

the person is a dual resident, and

the new assets are prescribed assets.

would be gains in respect of which he would be chargeable to capital gains tax under section 10(1), or

would form part of his chargeable profits for corporation tax purposes by virtue of section F2310B.

“the old assets” and “the new assets” have the same meanings as in section 152,

references to disposal of the old assets include references to disposal of an interest in them, and

references to acquisition of the new assets include references to acquisition of an interest in them or to entering into an unconditional contract for the acquisition of them.