SCHEDULE 12 Investments in Social Enterprises: Capital Gains
Finance Act 2014 (2014 c 26) | Legislation

SCHEDULE 12 Investments in Social Enterprises: Capital Gains

Section 57

1

TCGA 1992 is amended as follows.

2

After section 255 insert—

“Investments in social enterprises
255A Hold-over relief for gains re-invested in social enterprises

Schedule 8B to this Act (which provides relief in respect of gains re-invested in social enterprises) has effect.

255B Gains and losses on investments in social enterprises

(1)     For the purpose of determining the gain or loss on any disposal of an asset by an individual where—

(a)     an amount of SI relief is attributable to the asset, and

(b)     apart from this subsection there would be a loss,

treat the consideration given by the individual for the acquisition of the asset as reduced by the amount of the SI relief.

(2)     If—

(a)     an individual disposes of an asset,

(b)     an amount of SI relief is attributable to the asset,

(c)     the disposal takes place after the end of the 3 years beginning with the day when the individual acquired the asset, and

(d)     apart from this subsection, there would be a gain on the disposal,

the gain is not a chargeable gain, subject to section 255C.

(3)     Despite

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