Section 169P | Amount of relief: special provision for certain associated disposals ^F1

(1)This section applies where, on a disposal associated with a relevant material disposal, any of the conditions in subsection (4) is met.

(2)Only such part of the amount which would otherwise result under subsection (1) of section 169N as is just and reasonable is to be treated as so resulting.

(3)And the balance of that amount, ... , is accordingly a chargeable gain for the purposes of this Act.^F2

(4)The conditions referred to in subsection (1) are—

(a)that the assets which (or interests in which) are disposed of are in use for the purposes of the business for only part of the period in which they are in the ownership of the individual,

(b)that only part of the assets which (or interests in which) are disposed of are in use for the purposes of the business for that period,

(c)that the individual is concerned in the carrying on of the business (whether personally, as a member of a partnership or as an officer or employee of a company which is the individual's personal company) for only part of the period in which the assets which (or interests in which) are disposed of are in use for the purposes of the business, and

(d)that, for the whole or any part of the period for which the assets which (or interests in which) are disposed of are in use for the purposes of the business, their availability is dependent on the payment of rent.

(5)In determining how much of an amount it is just and reasonable to bring into account under subsection (2) regard is to be had to—

(a)in a case within paragraph (a) of subsection (4), the length of the period for which the assets are in use as mentioned in that paragraph,

(b)in a case within paragraph (b) of that subsection, the part of the assets that are in use as mentioned in that paragraph,

(c)in a case within paragraph (c) of that subsection, the length of the period for which the individual is concerned in the carrying on of the business as mentioned in that paragraph, and

(d)in a case within paragraph (d) of that subsection, the extent to which any rent paid is less than the amount which would be payable in the open market for the use of the assets.