a dwelling-house or part of a dwelling-house which is, or has at any time in his period of ownership been, his only or main residence, or

land which he has for his own occupation and enjoyment with that residence as its garden or grounds up to the permitted area.

the individual may conclude that question by notice to F66an officer of the Board given within 2 years from the beginning of that period but subject to a right to vary that notice by a further notice to F66an officer of the Board as respects any period beginning not earlier than 2 years before the giving of the further notice,

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

there can only be one residence or main residence for both, so long as living together and, where a notice under subsection (5)(a) above affects both F98the individual and his spouse or civil partner, it must be given by both, F11...

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

if the one disposes of, or of his or her interest in, the dwelling-house or part of a dwelling-house which is their only or main residence to the other, and in particular if it passes on death to the other as legatee, the other’s period of ownership shall begin with the beginning of the period of ownership of the one making the disposal, and

if paragraph (a) above applies, but the dwelling-house or part of a dwelling-house was not the only or main residence of both throughout the period of ownership of the one making the disposal, account shall be taken of any part of that period during which it was his only or main residence as if it was also that of the other.

resides in living accommodation which is for him job-related F43..., and

intends in due course to occupy the dwelling-house or part of a dwelling-house as his only or main residence,

the company of which the employee is a director is one in which he or she has no material interest; and

a company in which the borrower or his spouse F102or civil partner has a material interest; or

any person or persons together with whom the borrower or his spouse F102or civil partner carries on a trade or business in partnership.

a company is an associated company of another if one of them has control of the other or both are under the control of the same person; and

“employment”, “director”, “full-time working director”, “material interest” and “control”, in relation to a body corporate, have F58the meanings given by Chapter 2 of Part 3 of ITEPA 2003.

the length of the part or parts of the period of ownership during which the dwelling-house or the part of the dwelling-house was the individual’s only or main residence, but inclusive of the last 36 months of the period of ownership in any event, divided by

the length of the period of ownership.

a period of absence not exceeding 3 years (or periods of absence which together did not exceed 3 years), and in addition

any period of absence throughout which the individual worked in an employment or office all the duties of which were performed outside the United Kingdom, and in addition

any period of absence not exceeding 4 years (or periods of absence which together did not exceed 4 years) throughout which the individual was prevented from residing in the dwelling-house or part of the dwelling-house in consequence of the situation of his place of work or in consequence of any condition imposed by his employer requiring him to reside elsewhere, being a condition reasonably imposed to secure the effective performance by the employee of his duties,

the part of the gain which is not a chargeable gain by virtue of the provisions of subsection (1) to (3) above F67... ; and

£40,000.

section 224 (amount of relief: further provisions), and

section 226A (private residence relief: cases where relief obtained under section 260).

that individual or one of those individuals has a relevant entitlement, or two or more of those individuals have relevant entitlements, and

the relevant entitlement accounts for, or the relevant entitlements together account for, 75% or more of the net proceeds of disposal;

the proceeds of the disposal of the asset realised by the personal representatives, less

any incidental costs allowable as a deduction in accordance with section 38(1)(c) in computing the gain accruing to the personal representatives on that disposal,

references to the individual shall be taken as references to the personal representatives except in relation to the occupation of the dwelling-house or part of the dwelling-house, and

the notice which may be given to an officer of the Board under section 222(5)(a) shall be a joint notice by the personal representatives and the individual or individuals entitled to occupy the dwelling-house or part of the dwelling-house.

any relative of his or of his wife who is incapacitated by old age or infirmity from maintaining himself, or

his or his wife’s mother who, whether or not incapacitated, is either widowed, or living apart from her husband, or a single woman in consequence of dissolution or annulment of marriage.

section 223 applies, or would apart from this section apply, in relation to a gain or part of a gain accruing to an individual or the trustees of a settlement (“the transferor”) on a disposal (the “later disposal”),

in computing the chargeable gain which would, apart from section 223, accrue to the transferor on the later disposal, the allowable expenditure would fall to be reduced, and

that reduction would to any extent fall to be made in consequence, directly or indirectly, of a claim or claims under section 260 in respect of one or more earlier disposals (whether or not made to the transferor).

the earlier disposal, or

if there were two or more such disposals, any of them,

the earlier disposal, or

if there were two or more such disposals, any of them,

the settlement, or

any part of the settlement,

is a qualifying employee share ownership trust at the time of the disposal, and

was established by a company (“the founding company”) which immediately after the disposal is a trading company or the holding company of a trading group.

are shares in the founding company,

form part of the ordinary share capital of the company,

are fully paid up,

are not redeemable, and

are not subject to any restrictions other than restrictions which attach to all shares of the same class or a restriction authorised by paragraph 7(2) of Schedule 5 to the M1Finance Act 1989.

are beneficially entitled to not less than 10 per cent. of the ordinary share capital of the founding company,

are beneficially entitled to not less than 10 per cent. of any profits available for distribution to equity holders of the founding company, and

would be beneficially entitled to not less than 10 per cent. of any assets of the founding company available for distribution to its equity holders on a winding-up.

are, immediately after the time of the acquisition, chargeable assets in relation to the claimant, and

are not shares in, or debentures issued by, the founding company or a company which is (at the time of the acquisition) in the same group as the founding company;

the chargeable period in which the claimant makes the disposal,

the chargeable period in which the claimant makes the acquisition, or

any chargeable period falling after that mentioned in paragraph (a) above and before that mentioned in paragraph (b) above.

the date of the disposal, or

if later, the date on which the third condition (set out in section 227(4)) first becomes fulfilled.

the date of the acquisition, or

if later, the date on which the third condition (set out in section 227(4)) first becomes fulfilled.

they arise wholly from a restriction authorised by paragraph 7(2) of Schedule 5 to the M2Finance Act 1989, or

they only allow one or both of the following as regards shares, interests or rights, namely, acquisition by F129a beneficiary under the settlement and appropriation under an approved profit sharing scheme.

at that time he is resident or ordinarily resident in the United Kingdom, or

he would be chargeable to capital gains tax under section 10(1) in respect of the gain, or it would form part of his chargeable profits for corporation tax purposes by virtue of section F6510B,

the trustees were a company,

the references to section 413(7) F47... of that Act were references to section 227(4),

the reference in paragraph 7(1)(a) to section 413(7) of that Act were a reference to section 227(4), and

paragraph 7(1)(b) were omitted.

as if the consideration for the disposal 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 were reduced by the excess of the amount or value of the actual consideration for the disposal over the amount of the consideration which the claimant is treated as receiving under paragraph (a) above.

relief would be available under subsection (1) above but for the fact that part only of the amount or value mentioned in section 227(5) is applied as there mentioned, and

all the amount or value so mentioned except for a part which is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal is so applied.

as if the amount of the gain accruing on the disposal were reduced to the amount of the part mentioned in subsection (2)(b) above, and

as if the amount or value of the consideration for the acquisition were reduced by the amount by which the gain is reduced under paragraph (a) above.

a claim is made under section 229,

immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, any replacement asset was a chargeable asset in relation to the claimant,

the asset is a dwelling-house or part of a dwelling-house or land, and

there was a time in the period beginning with the acquisition and ending with the time when section 229(1) or (3) falls to be applied such that, if the asset (or an interest in it) were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse F105or civil partner.

the provisions of section 229(1) or (3) have been applied,

any replacement asset which, immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, was a chargeable asset in relation to the claimant consists of a dwelling-house or part of a dwelling-house or land, and

there is a time after section 229(1) or (3) has been applied such that, if the asset (or an interest in it) were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse F106or civil partner.

the asset shall be treated as if, immediately after the time of the acquisition mentioned in section 227(5), it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly, but

any gain treated as accruing in consequence of the application of paragraph (a) above shall be treated as accruing at the time mentioned in subsection (3)(c) above or, if there is more than one such time, at the earliest of them.

a claim is made under section 229,

immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, any replacement asset was a chargeable asset in relation to the claimant,

the asset was an option to acquire (or to acquire an interest in) a dwelling-house or part of a dwelling-house or land,

the option has been exercised, and

there was a time in the period beginning with the exercise of the option and ending with the time when section 229(1) or (3) falls to be applied such that, if the asset acquired on exercise of the option were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse F107or civil partner.

the provisions of section 229(1) or (3) have been applied,

any replacement asset which, immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, was a chargeable asset in relation to the claimant consisted of an option to acquire (or to acquire an interest in) a dwelling-house or part of a dwelling-house or land,

the option has been exercised, and

there is a time after section 229(1) or (3) has been applied such that, if the asset acquired on exercise of the option were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse F108or civil partner.

the option shall be treated as if, immediately after the time of the acquisition mentioned in section 227(5), it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly, but

any gain treated as accruing in consequence of the application of paragraph (a) above shall be treated as accruing at the time mentioned in subsection (7)(d) above or, if there is more than one such time, at the earliest of them.

a claim is made under section 229,

immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, any replacement asset was a chargeable asset in relation to the claimant,

the asset consists of shares, and

in the period beginning with the acquisition and ending when section 229(1) or (3) falls to be applied relief is claimed under Chapter III of Part VII of the Taxes Act F139or Part 5 of ITA 2007F3... in respect of the asset.

the provisions of section 229(1) or (3) have been applied,

any replacement asset which, immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, was a chargeable asset in relation to the claimant consists of shares, and

after section 229(1) or (3) has been applied relief is claimed under Chapter III of Part VII of the Taxes Act F140or Part 5 of ITA 2007 in respect of the asset.

the provisions of section 229(1) or (3) are applied,

a chargeable event occurs in relation to the trustees on or after the date on which the disposal is made (and whether the event occurs before or after the provisions are applied),

the claimant was neither an individual who died before the chargeable event occurs nor trustees of a settlement which ceased to exist before the chargeable event occurs, and

the condition set out below is fulfilled.

to have disposed of all the replacement assets immediately before the time when the chargeable event occurs, and

immediately to have reacquired them,

the amount by which the amount or value of the consideration mentioned in section 229(1)(b) was treated as reduced by virtue of that provision (where it applied), or

the amount by which the amount or value of the consideration mentioned in section 229(3)(b) was treated as reduced by virtue of that provision (where it applied).

in subsection (3)(a) “all the replacement assets" read “ the replacement assets concerned ”, and

the relevant value were reduced to whatever value is just and reasonable.

subsection (3) above applies (whether or not by virtue of subsection (5) above), and

before the time when the chargeable event occurs anything has happened as regards any of the replacement assets such that it can be said that a charge has accrued in respect of any of the gain carried forward by virtue of section 229(1) or (3).

the relevant value were reduced (or further reduced) to whatever value is just and reasonable, or

the relevant value were such value as secures that on the deemed disposal neither a gain nor a loss accrues (if that is just and reasonable);

paragraphs (a) to (c) of section 232(1) are fulfilled, and

the condition set out below is fulfilled.

before the time when the chargeable event occurs, all the gain carried forward by virtue of section 229(1) or (3) was in turn carried forward from all the replacement assets to other property on a replacement of business assets, and

at the time the chargeable event occurs, the claimant or a person then connected with him is beneficially entitled to all the property.

to have disposed of all the property immediately before the time when the chargeable event occurs, and

immediately to have reacquired it,

the amount by which the amount or value of the consideration mentioned in section 229(1)(b) was treated as reduced by virtue of that provision (where it applied), or

the amount by which the amount or value of the consideration mentioned in section 229(3)(b) was treated as reduced by virtue of that provision (where it applied).

in subsection (3)(a) “all the property" read “ the property concerned ”, and

the relevant value were reduced to whatever value is just and reasonable.

subsection (3) above applies (whether or not by virtue of subsection (5) above), and

before the time when the chargeable event occurs anything has happened as regards any of the replacement assets, or any other property, such that it can be said that a charge has accrued in respect of any of the gain carried forward by virtue of section 229(1) or (3).

the relevant value were reduced (or further reduced) to whatever value is just and reasonable, or

the relevant value were such value as secures that on the deemed disposal neither a gain nor a loss accrues (if that is just and reasonable);

paragraphs (a) to (c) of section 232(1) are fulfilled, and

the condition set out below is fulfilled.

all the replacement assets were shares (new shares) in a company or companies,

there has been a transaction to which section 116(10) applies and as regards which all the new shares constitute the old asset and qualifying corporate bonds constitute the new asset, and

at the time the chargeable event occurs, the claimant or a person then connected with him is beneficially entitled to all the bonds.

the first amount, and

the second amount.

the amount of the chargeable gain that would be deemed to accrue under 116(10)(b) if there were a disposal of all the bonds at the time the chargeable event occurs, or

nil, if an allowable loss would be so deemed to accrue if there were such a disposal.

the amount by which the amount or value of the consideration mentioned in section 229(1)(b) was treated as reduced by virtue of that provision (where it applied), or

the amount by which the amount or value of the consideration mentioned in section 229(3)(b) was treated as reduced by virtue of that provision (where it applied).

in subsection (5) above “all the bonds" read “ the bonds concerned ”,

the second amount were reduced to whatever amount is just and reasonable, and

the relevant amount were reduced accordingly.

subsection (3) above applies (whether or not by virtue of subsection (7) above), and

before the time when the chargeable event occurs anything has happened as regards any of the new shares, or any of the bonds, such that it can be said that a charge has accrued in respect of any of the gain carried forward by virtue of section 229(1) or (3).

the second amount were reduced (or further reduced) to whatever amount is just and reasonable, and

the relevant amount were reduced (or further reduced) accordingly (if the second amount is less than the first amount),

a disposal of shares, or an interest in shares, has at any time been made to them, and

a claim is made under section 229(1) or (3).

expenditure incurred by the trustees;

assets acquired by them;

transfers of assets made by them.

that the provision concerned has been applied, and

the effect of the provision on the consideration for the disposal or on the amount of the gain accruing on the disposal (as the case may be).

what of the gain has been charged shall be found in accordance with what is just and reasonable;

section 233(8) and (9) shall apply.

section 234 applies in the case of bonds,

subsequently a disposal of the bonds occurs as mentioned in section 116(10)(b), and

a chargeable gain is deemed to accrue under section 116(10)(b),

without prejudice to subsection (1) above, the new right shall not be regarded for the purposes of capital gains tax as consideration for the release of the old right;

the amount or value of the consideration given by him or on his behalf for the acquisition of the new right shall be taken for the purposes of section 38(1) to be the amount or value of the consideration given by him or on his behalf for the old right; and

any consideration paid for the acquisition of the new right shall be taken to be expenditure falling within section 38(1)(b).

no deduction shall be made from the consideration for the disposal of any shares by reason only that an amount determined under section 186 or 187 of or Schedule 9 or 10 to the Taxes Act F61counts as employment income (or was chargeable to income tax for the year 2002-03 or an earlier year of assessment under section 186(3) or (4) of that Act;

any charge to income tax by virtue of section 186(3) of that Act shall be disregarded in determining whether a distribution is a capital distribution within the meaning of section 122(5)(b);

a gain accruing on an appropriation of shares to which section 186(11) of that Act applies shall not be a chargeable gain.

in Part 1, to approved share incentive plans (SIPs) (see section 488 of ITEPA 2003),

in Part 2, to approved SAYE option schemes (see section 516 of that Act),

in Part 3, to approved CSOP schemes (CSOPs) (see section 521 of that Act), and

in Part 4, to enterprise management incentives (see section 527 of that Act).

a close company disposes of an asset to trustees in circumstances such that the disposal is a disposition which by virtue of section 13 of the M7Inheritance Tax Act 1984 (employee trusts) is not a transfer of value for the purposes of inheritance tax, or

an individual disposes of an asset to trustees in circumstances such that the disposal is an exempt transfer by virtue of section 28 of that Act (employee trusts: inheritance tax),

the disposal, and the acquisition by the trustees, shall be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal, and

where the trustees dispose of the asset, its acquisition by the company or individual shall be treated as its acquisition by the trustees.

the disposal is made to trustees otherwise than under a bargain made at arm’s length, and

a person who is a participator in the company (“the donor company”), or

any other person who is a participator in any other company that has made a disposal of property to be held on the same trusts as the property disposed of by the donor company, being a disposal in relation to which this Act has had effect in accordance with subsection (2) above, or

any other person who has been a participator in the donor company or any such company as is mentioned in paragraph (b) above at any time after, or during the 10 years before, the disposal made by that company, or

any person who is connected with a person within paragraph (a), (b) or (c) above.

is not beneficially entitled to, or to rights entitling him to acquire, 5 per cent. or more of, or of any class of the shares comprised in, its issued share capital, and

on a winding-up of the company would not be entitled to 5 per cent. or more of its assets;

are treated as having been acquired at the relevant time for a consideration equal to the amount on which tax is charged by virtue of section 242 of the Finance Act 2004 by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets at the relevant time, and

are not to be treated as having been disposed of by any person at the relevant time.

any F86UK property business (within the meaning of F141the Income Tax Acts), or any Schedule A business (within the meaning of the Taxes Act), which consists of, or so far as it consists of, the commercial letting of furnished holiday accommodation shall be treated as a trade, and

all such lettings made by a particular person or partnership or body of persons shall be treated as one trade.

the accommodation shall be taken to be used in that period only for the purposes of the trade of making such lettings; and

that trade shall be taken to be carried on throughout that period.

a gain to which section 222 applies accrues to any individual on the disposal of an asset; and

by virtue of subsection (3) above the amount or value of the consideration for the acquisition of the asset is treated as reduced under section 152 or 153,

the amount or value of the consideration for the transfer does not exceed one-fifth of the market value of the holding as it subsisted immediately before the transfer, and

the transfer is not one which, by virtue of section 58 or 171(1), is treated as giving rise to neither a gain nor a loss.

for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which the transfer is made;

for the purposes of corporation tax, within 2 years after the end of the accounting period in which the transfer is made.

if the amount or value of the consideration for the transfer exceeds £20,000, or

where in the year of assessment in which the transfer is made, the transferor made any other disposal of land, if the total amount or value of the consideration for all disposals of land made by the transferor in that year exceeds £20,000.

the amount or value of the consideration for the transfer, or if the transfer is not for full consideration in money or money’s worth, the market value of the land transferred, is small, as compared with the market value of the holding as it subsisted immediately before the transfer, and

the transferor had not taken any steps by advertising or otherwise to dispose of any part of the holding or to make his willingness to dispose of it known to the authority or others.

for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which the transfer is made;

for the purposes of corporation tax, within 2 years after the end of the accounting period in which the transfer is made.

the said provisions shall not apply, and

for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which the part disposal is made;

for the purposes of corporation tax, within 2 years after the end of the accounting period in which the part disposal is made.

land (“the old land”) is disposed of by any person (“the landowner”) to an authority exercising or having compulsory powers; and

the landowner did not take any steps, by advertising or otherwise, to dispose of the old land or to make his willingness to dispose of it known to the authority or others; and

the consideration for the disposal is applied by the landowner in acquiring other land (“the new land”) not being land excluded from this paragraph by section 248.

as if the consideration for the disposal of the old land 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 the new land were reduced by the excess of the amount or value of the actual consideration for the disposal of the old land 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 unexpended consideration (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 the new land 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) above.

subsection (2) of section 152 shall apply in relation to subsection (2)(a) and subsection (2)(b) above as it applies in relation to subsection (1)(a) and subsection (1)(b) of that section; and

F20subsections (3) and (4) of that section shall apply as if any reference to the new assets were a reference to the new land, any reference to the old assets were a reference to the old land and any reference to that section were a reference to this.

that the whole or any specified part of the consideration for the disposal will be applied in the acquisition of other land (“the new land”);

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

that the new land will not be land excluded from section 247(1)(c) by section 248.

it is a dwelling-house or part of a dwelling-house (or an interest in or right over a dwelling-house), and

by virtue of, or of any claim under, any provision of sections 222 to 226 the whole or any part of a gain accruing on a disposal of it by the landowner at a material time would not be a chargeable gain;

any reference in subsection (1) or subsection (4) to section 152 or 153 were a reference to subsection (2) or subsection (3) respectively of section 247; and

paragraph (b) of subsection (2) were omitted; and

the reference in subsection (5) to section 152(3) were a reference to that provision as applied by section 247(5).

it is issued on a reorganisation (as defined in section 126(1)) or in pursuance of its allotment on any such reorganisation;

it is issued in exchange for shares in or debentures of another company and in a case F57to which section 135 applies and which is unaffected by section 137(1);

it is issued under any such arrangements as are mentioned in subsection (1)(a) of section 136 and in a case unaffected by section 137 where section 136 requires shares or debentures in another company to be treated as exchanged for, or for anything that includes, that debenture; or

it is issued in pursuance of rights attached to any debenture issued on or after 16th March 1993 and falling within paragraph (a), (b) or (c) above

any instrument that would fall to be treated for the purposes of this Act as an asset representing a loan relationship of a company if the provisions of sections 92(4) and 93(4) of the Finance Act 1996 (convertible securities and assets linked to the value of chargeable assets) were disregarded; or

any instrument which (even apart from those provisions) is not a loan relationship of a company but which would be a F87deeply discounted security for the purposes of Chapter 8 of Part 4 of ITTOIA 2005 if section 432(2) of that Act (excluded indexed securities) were omitted.

the money lent is used by the borrower wholly for the purposes of a trade carried on by him, not being a trade which consists of or includes the lending of money, and

the borrower is resident in the United Kingdom, and

the borrower’s debt is not a debt on a security as defined in section 132;

any outstanding amount of the principal of the loan has become irrecoverable, and

the claimant has not assigned his right to recover that amount, and

the claimant and the borrower were not each other’s spouses F109or civil partners, or companies in the same group, when the loan was made or at any subsequent time,

the amount to which that subsection applies was also irrecoverable at the earlier time; and either

for capital gains tax purposes the earlier time falls not more than two years before the beginning of the year of assessment in which the claim is made; or

for corporation tax purposes the earlier time falls on or after the first day of the earliest accounting period ending not more than two years before the time of the claim.

any outstanding amount of, or of interest in respect of, the principal of the loan has become irrecoverable from the borrower, and

the claimant has made a payment under the guarantee (whether to the lender or a co-guarantor) in respect of that amount, and

the claimant has not assigned any right to recover that amount which has accrued to him (whether by operation of law or otherwise) in consequence of his having made the payment, and

the lender and the borrower were not each other’s spouses F110or civil partners, or companies in the same group, when the loan was made or at any subsequent time and the claimant and the borrower were not each other’s spouses F110or civil partners, and the claimant and the lender were not companies in the same group, when the guarantee was given or at any subsequent time,

for the purposes of capital gains tax, on or before the fifth anniversary of the 31st January next following the year of assessment in which the payment was made;

for the purposes of corporation tax, within 6 years after the end of the accounting period in which the payment was made.

an allowable loss has been treated under subsection (4) above as accruing to any person, and

the whole or any part of the amount of the payment mentioned in subsection (4)(b) is at any time recovered by him,

an allowable loss has been treated under subsection (3) above as accruing to a company (“the first company”), and

the whole or any part of the outstanding amount mentioned in subsection (3)(a) is at any time recovered by a company (“the second company”) in the same group as the first company,

an allowable loss has been treated under subsection (4) above as accruing to a company (“the first company”), and

the whole or any part of the outstanding amount mentioned in subsection (4)(a), or the whole or any part of the amount of the payment mentioned in subsection (4)(b), is at any time recovered by a company (“the second company”) in the same group as the first company,

no chargeable gain shall accrue to him otherwise than under subsection (5) above, and

no allowable loss shall accrue to him under this Act,

“spouses” means spouses who are living together (construed in accordance with section 288(3)),

“civil partners” means civil partners who are living together (construed in accordance with section 288(3)),

“trading company” has the F193same meaning as in section 165 (see section 165A), and

“group” shall be construed in accordance with section 170.

the trustees shall be treated as if they had disposed of, and immediately reacquired, the property for a consideration equal to its market value, any gain on the disposal being treated as not accruing to a charity, and

if and so far as any of that property represents, directly or indirectly, the consideration for the disposal of assets by the trustees, any gain accruing on that disposal shall be treated as not having accrued to a charity,

attributable gains being attributed to it under this section, or

attributable income being attributed to it under section 541 of ITA 2007.

attributable gains being attributed to the whole of it under this section,

attributable income being attributed to the whole of it under section 541 of ITA 2007, or

a combination of attributable gains being attributed to some of it under this section and attributable income being attributed to the rest of it under section 541 of ITA 2007.

an officer of Revenue and Customs requires the trustees of a charitable trust to make a specification under this section, and

the trustees have not given notice under subsection (3) of the specification before the end of the required period.

to a charity, or

to any bodies mentioned in Schedule 3 to the M11Inheritance Tax Act 1984 (gifts for national purposes, etc)

the disposal and acquisition shall be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal, and

where, after the disposal, the asset is disposed of by the person who acquired it under the disposal, its acquisition by the person making the earlier disposal shall be treated for the purposes of this Act as the acquisition of the person making the later disposal.

is reduced by the relievable amount if relief in relation to the disposal is available only under Chapter 3 of Part 8 of ITA 2007,

is reduced by the relevant amount if relief in relation to the disposal is available only under section 587B of the Taxes Act,

is reduced by the relievable amount if relief in relation to the disposal is available both under that Chapter and that section as a result of section 442 of ITA 2007 and section 587BA of the Taxes Act, or

is reduced to nil if that consideration is less than the amount referred to in paragraph (a), (b) or (c) (as the case may be).

otherwise than on the termination of a life interest (within the meaning of section 72) by the death of the person entitled thereto, any assets or parts of any assets forming part of settled property are, under section 71, deemed to be disposed of and reacquired by the trustee, and

the person becoming entitled as mentioned in section 71(1) is a charity, or a body mentioned in Schedule 3 to the Inheritance Tax Act 1984 (gifts for national purposes, etc),

the disposal is by way of sale by private treaty to a body mentioned in Schedule 3 to the F39Inheritance Tax Act 1984 (“the 1984 Act") (museums, etc.), or is to such a body otherwise than by sale, or

the disposal is to the Board in pursuance of section 230 of the 1984 Act or in accordance with directions given by the Treasury under section 50 or 51 of the M12Finance Act 1946 (acceptance of property in satisfaction of tax).

a disposal by way of gift, including a gift in settlement, or

a disposal of settled property by the trustee on an occasion when, under section 71(1), the trustee is deemed to dispose of and immediately reacquire settled property (other than any disposal on which by virtue of section 73 no chargeable gain or allowable loss accrues to the trustee),

there is a sale of the asset and inheritance tax is chargeable under section 32 of the 1984 Act (or would be chargeable if an inheritance tax undertaking as well as an undertaking under this section had been given), or

the Board are satisfied that at any time during the period for which any such undertaking was given it has not been observed in a material respect,

otherwise than on sale, and

without a further undertaking being given under this section,

a disposal of an estate or interest in land in the United Kingdom is made to a F30relevant housing association otherwise than under a bargain at arm’s length, and

a claim for relief under this section is made by the transferor and the association.

the disposal and acquisition shall be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal, and

where, after the disposal, the estate or interest is disposed of by the association, its acquisition by the person making the earlier disposal shall be treated for the purposes of this Act as the acquisition of the association.

a registered social landlord within the meaning of Part I of the Housing Act 1996,

a registered housing association within the meaning of the Housing Associations Act 1985 (Scottish registered housing associations), or

a registered housing association within the meaning of Part II of the Housing (Northern Ireland) Order 1992.

an individual or the trustees of a settlement (“the transferor”) make a disposal within subsection (2) below of an asset,

the asset is acquired by an individual or the trustees of a settlement (“the transferee”), and

a claim for relief under this section is made by the transferor and the transferee or, where the trustees of a settlement are the transferee, by the transferor alone,

is a chargeable transfer within the meaning of the M13Inheritance Tax Act 1984 (or would be but for section 19 of that Act) and is not a potentially exempt transfer (within the meaning of that Act),

is a disposition to which section 57A of that Act applies and by which the property disposed of becomes held on trusts of the kind referred to in subsection (1)(b) of that section (maintenance funds for historic buildings etc.),

by virtue of subsection (4) of section 71 of that Act (accumulation and maintenance trusts) does not constitute an occasion on which inheritance tax is chargeable under that section,

by virtue of subsection (2) of section 71B of that Act (trusts for bereaved minors) does not constitute an occasion on which inheritance tax is chargeable under that section,

by virtue of subsection (2) of section 71E of that Act (age 18-to-25 trusts) does not constitute an occasion on which inheritance tax is charged under that section,

by virtue of section 78(1) of that Act (transfers of works of art etc.) does not constitute an occasion on which tax is chargeable under Chapter III of Part III of that Act, or

is a disposal of an asset comprised in a settlement where, as a result of the asset or part of it becoming comprised in another settlement, there is no charge, or a reduced charge, to inheritance tax by virtue of paragraph 9, 16 or 17 of Schedule 4 to that Act (transfers to maintenance funds for historic buildings etc.).