Retirement reliefU.K.
8U.K.Section 164A(11) is omitted and after section 164B there is inserted—
“164BA Interaction with retirement relief
(1)The provisions of section 164A for making any reduction shall apply before any provisions for calculating the amount of, or giving effect to, any relief under section 163 or 164; and references in that section and this to a chargeable gain (except the second reference in subsection (4)(a) below) shall be construed accordingly.
(2)Subsection (3) below applies where—
(a)any claim for relief is made under section 164A in respect of any chargeable gain, and
(b)apart from this Chapter, the whole or any part of that gain would be relieved under section 163 or 164.
(3)For the purpose of giving relief under section 163 or 164, any reduction under section 164A shall be treated as having been made first against the unrelieved part of the chargeable gain; and only the amount (if any) which is equal to the unrelieved part of the chargeable gain after that reduction shall be treated as exceeding the amount available for relief.
(4)For the purposes of this section—
(a)the unrelieved part of a chargeable gain is so much of that gain as, apart from this Chapter, would constitute a chargeable gain after the application of the appropriate paragraph of Schedule 6,
(b)“amount available for relief” has the same meaning as in the appropriate paragraph of that Schedule, and
(c)the “appropriate paragraph” means, as the case may be, paragraph 6, 7(1)(b) or 8(1)(b).”