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
159AF1Disposals of interests in UK land by non-residents: roll-over relief
1
This section applies in a case where—
a
the old assets that are disposed of are interests in UK land, and
b
a chargeable gain accruing on the disposal would (apart from section 152) be within the charge to tax because of section 1A(3)(b) or 2B(4)(a).
2
Section 152 applies only if the new assets that are acquired are interests in UK land.
3
In this section—
a
“interest in UK land” has the meaning given by section 1C,
b
“the old assets” and “the new assets” have the same meaning as in section 152,
c
any reference to a disposal of the old assets includes a disposal of an interest in them,
d
the reference to the acquisition of the new assets includes the acquisition of an interest in them or entering into an unconditional contract for their acquisition.
Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)