Part V Transfer of business assets
F1 Chapter 3Entrepreneurs’ relief
169RF2Reorganisations involving acquisition of qualifying corporate bonds
1
This section applies where the calculation under section 116(10)(a) would (apart from this section) have effect to produce a chargeable gain for an individual by reason of a relevant transaction.
2
If an election is made under this section, a claim for entrepreneurs' relief may be made as if the relevant transaction involved a disposal of the old asset; and if such a claim is made section 116(10) does not apply.
3
An election under this section must be made—
a
if the relevant transaction, so far as it relates to the old asset, would (apart from section 116(10)) involve a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and
b
otherwise, by the individual.
4
An election under this section must be made on or before the first anniversary of the 31 January following the tax year in which the relevant transaction takes place.
5
In this section, “old asset” and “relevant transaction” have the meaning given by section 116.
Pt. 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)