[47A Exemption for certain disposals under, or after leaving, cash basis]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[Cash basis accounting]

[47A  Exemption for certain disposals under, or after leaving, cash basis]

[(1)     No chargeable gain shall accrue on the disposal of, or of an interest in, an asset if conditions [A, B and D] are met in relation to the asset.

[(2)     Condition A is that the asset is not land.]

(3)     Condition B is that, at any time during the period of ownership of the person making the disposal, the asset has been used for the purposes of a trade, profession[, vocation or property business] carried on by the person.

(4)     . . .

[(5)     Condition D is that relevant disposal proceeds—

(a)

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