Part V Transfer of business assetsF2, F3business asset disposal relief and investors' relief
Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))
Chapter IF4Transfer of business assets: General provisions
Words in Pt. 5 Ch. 1 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(2)
Replacement of business assets
156ZAF1Intangible fixed assets: roll-over relief
1
This section applies if a company is entitled to relief under Chapter 7 of Part 8 of CTA 2009 (roll-over relief in case of realisation and reinvestment) as a result of—
a
section 898 of that Act (roll-over relief where pre-FA 2002 assets disposed of on or after 1 April 2002), or
b
section 899 of that Act (roll-over relief where degrouping charge on pre-FA 2002 asset arises on or after 1 April 2002).
2
The company is treated for the purposes of this Act as if the consideration for the disposal of the old asset were reduced by the amount available for relief.
3
Subsection (2) does not affect the treatment for any purpose of the Taxes Acts of the other party to any transaction involved in the disposal of the old asset or the expenditure on other assets.
4
In this section—
“the old asset” has the same meaning as in Chapter 7 of Part 8 of CTA 2009 (see section 754(2)), and
“the Taxes Acts” means the enactments relating to income tax, corporation tax or chargeable gains.
Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)