SCHEDULE 21 Chargeable Gains: Restriction of Gifts Relief etc
Finance Act 2004 (2004 c 12) | Legislation

SCHEDULE 21 Chargeable Gains: Restriction of Gifts Relief etc

Section 116

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Relief for gifts of business assets

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(1)     Section 165 of the Taxation of Chargeable Gains Act 1992 is amended as follows.

(2)     In subsection (1) (circumstances in which subsection (4) applies, subject to certain provisions) for “and 169†substitute “, 169, 169B and 169Câ€.

(3)     In subsection (3) (relief not to apply to disposal in certain cases) after paragraph (b) insert—

“(ba)     in the case of a disposal of shares or securities, the transferee is a company,â€.

(4)     .Ìý.Ìý.

(5)     In subsection (10) (deduction to be allowed in computing chargeable gain on subsequent disposal by transferee, where disposal by transferor is chargeable transfer for inheritance tax purposes) for “after 13th March 1989, in respect of which a claim is made under this section,†substitute “in relation to which subsection (4) above appliesâ€.

Gifts relief not to be available on certain transfers to settlor-interested settlements etc

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After section 169A of the Taxation of Chargeable Gains Act 1992 (c 12) insert—

“Gifts to settlor-interested settlements etc
169B Gifts to settlor-interested settlements etc

(1)

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