Version Superseded: 28/07/2000
Point in time view as at 21/08/1998.
Taxation of Chargeable Gains Act 1992, Cross Heading: Conditions for shares to qualify as business assets is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Textual Amendments
F1Sch. A1 inserted (with effect in accordance with s. 121(4) of the amending Act) by Finance Act 1998 (c. 36), s. 121(2), Sch. 20
4(1)This paragraph applies, in the case of the disposal of any asset, for determining (subject to the following provisions of this Schedule) whether the asset was a business asset at a time before its disposal when it consisted of, or of an interest in, any shares in a company (“the relevant company").U.K.
(2)Where the disposal is made by an individual, the asset was a business asset at that time if at that time the relevant company was a qualifying company by reference to that individual.
(3)Where the disposal is made by the trustees of a settlement, the asset was a business asset at that time if at that time the relevant company was a qualifying company by reference to the trustees of that settlement.
(4)Where the disposal is made by an individual’s personal representatives, the asset was a business asset at that time if at that time—
(a)the relevant company was a trading company or the holding company of a trading group; and
(b)the voting rights in that company were exercisable, as to not less than 25 per cent., by the deceased’s personal representatives.
(5)Where the disposal is made by an individual who acquired the asset as legatee (as defined in section 64) and that time is not a time when the asset was a business asset by virtue of sub-paragraph (2) above, the asset shall be taken to have been a business asset at that time if at that time—
(a)it was held by the personal representatives of the deceased; and
(b)the conditions in sub-paragraph (4)(a) and (b) above were satisfied.]
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