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(1)     In the heading to Part 5 of TGCA 1992, after “ASSETS” insert “, ENTREPRENEURS' RELIEF AND INVESTORS' RELIEF”.

(2)     In the heading to Chapter 1 of that Part, before “GENERAL PROVISIONS” insert “TRANSFER OF BUSINESS ASSETS:”

In Part 5 of TCGA 1992, after section 169V insert—

“Chapter 5
Investors' Relief

Overview

169VA Overview of Chapter

(1)     This Chapter provides for a relief, in the form of a lower rate of capital gains tax, in respect of disposals of (and disposals of interests in) certain ordinary shares in unlisted companies.

(2)     Section 169VB defines “qualifying shares”, “potentially qualifying shares” and “excluded shares”.

(3)     Section 169VC creates the relief, and relief under that section is to be known as “investors' relief”.

(4)     Section 169VD makes provision about disposals from holdings consisting partly of qualifying shares.

(5)     Sections 169VE to 169VG contain rules for cases where there have been previous disposals from a holding, to determine which shares remain in the holding.

(6)     Sections 169VH and 169VI make provision about disposals by trustees of a settlement.

(7)     Section 169VJ makes provision about disposals of interests in shares.

(8)     Sections