Textual Amendments
F1Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)
Textual Amendments
F2Pt. 5 Ch. 3 inserted (with effect in accordance with Sch. 3 para. 5 of the amending Act) by Finance Act 2008 (c. 9), Sch. 3 para. 2 (with Sch. 3 paras. 6-8)
(1)If a qualifying business disposal is one which does not consist of the disposal of (or of interests in) shares in or securities of a company, entrepreneurs' relief is given only in respect of the disposal of relevant business assets comprised in the qualifying business disposal.
(2)In this Chapter “relevant business assets” means assets (including[F3, subject to section 169LA,] goodwill) which are, or are interests in, assets to which subsection (3) applies, other than excluded assets (see subsection (4) below).
(3)This subsection applies to assets which—
(a)in the case of a material disposal of business assets, are assets used for the purposes of a business carried on by the individual or a partnership of which the individual is a member,
(b)in the case of a disposal of trust business assets, are assets used for the purposes of a business carried on by the qualifying beneficiary or a partnership of which the qualifying beneficiary is a member, or
(c)in the case of a disposal associated with a relevant material disposal, are assets used for the purposes of a business carried on by the partnership or company.
(4)The following are excluded assets—
(a)shares and securities, and
(b)assets, other than shares or securities, which are held as investments.]
Textual Amendments
F3Words in s. 169L(2) inserted (with effect in accordance with s. 42(5) of the amending Act) by Finance Act 2015 (c. 11), s. 42(3)