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Legislation
Taxation of Chargeable Gains Act 1992

Crossheading Replacement of business assets

  • Section 152 Roll-over relief.
  • Section 153 Assets only partly replaced.
  • Section 153A Provisional application of sections 152 and 153.
  • Section 154 New assets which are depreciating assets.
  • Section 155 Relevant classes of assets.
  • Section 156 Assets of Class 1.
  • Section 156ZA Intangible fixed assets: roll-over relief
  • Section 156ZB Intangible fixed assets: interaction with relief under Chapter 7 of Part 8 of CTA 2009
  • Section 156A Cessation of trade by limited liability partnership.
  • Section 157 Trade carried on by family company: business assets dealt with by individual.
  • Section 158 Activities other than trades, and interpretation.
  • Section 159 Non-residents: roll-over relief.
  • Section 159A Disposals of interests in UK land by non-residents: roll-over relief
  • Section 160 Dual resident companies: roll-over relief.
  1. Replacement of business assets
  2. Non-residents: roll-over relief.

Section 159 | Non-residents: roll-over relief.

From legislation.gov.uk

(1)Section 152 shall not apply in the case of a person if the old assets are chargeable assets in relation to him at the time they are disposed of, unless the new assets are chargeable assets in relation to him immediately after the time they are acquired.

(2)Subsection (1) above shall not apply where—

(a)the person acquires the new assets after he has disposed of the old assets, and

(b)immediately after the time they are acquired the person is resident ... in the United Kingdom.F1

(3)Subsection (2) above shall not apply where immediately after the time the new assets are acquired—

(a)the person is a dual resident, and

(b)the new assets are prescribed assets.

(4)For the purposes of this section an asset is at any time a chargeable asset in relation to a person if, were it to be disposed of at that time, any chargeable gains accruing to him on the disposal would be chargeable to capital gains tax under section 1A(3)(a) or to corporation tax under section 2B(3).F2

(5)In this section—F3

“dual resident” means a person who is resident ... in the United Kingdom and falls to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom; and

“prescribed asset”, in relation to a dual resident, means an asset in respect of which, by virtue of the asset being of a description specified in any double taxation relief arrangements, he falls to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to him on a disposal.

(6)In this section—

(a)“the old assets” and “the new assets” have the same meanings as in section 152,

(b)references to disposal of the old assets include references to disposal of an interest in them, and

(c)references to acquisition of the new assets include references to acquisition of an interest in them or to entering into an unconditional contract for the acquisition of them.

(7)Where the acquisition of the new assets took place before 14th March 1989 and the disposal of the old assets took place, or takes place, on or after that date, this section shall not apply if the disposal of the old assets took place, or takes place, within 12 months of the acquisition of the new assets or such longer period as the Board may by notice allow.

Notes

  1. F1

    Words in s. 159(2)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 98(2)

  2. F2

    Words in s. 159(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 52

  3. F3

    Words in s. 159(5) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 98(3)

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