Section 157 | Trade carried on by family company: business assets dealt with by individual.

In relation to a case where—

(a)the person disposing of, or of his interest in, the old assets and acquiring the new assets, or an interest in them, is an individual, and

(b)the trade or trades in question are carried on not by that individual but by a company which, both at the time of the disposal and at the time of the acquisition referred to in paragraph (a) above, is his personal company, that is to say, a company the voting rights in which are exercisable, as to not less than 5 per cent., by him,^F1F2

any reference in sections 152 to 156 to the person carrying on the trade (or the 2 or more trades) includes a reference to that individual.