[Part 4 Interpretation of this Schedule]
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

[Part 4 Interpretation of this Schedule]

[Meaning of “P”

24

(1)     In the case of a material disposal of business assets, “P” means the individual making the disposal.

(2)     In the case of a disposal of trust business assets—

(a)     “P” means any relevant beneficiary, but

(b)     in any reference to P passing or failing the tests mentioned in paragraphs 3 and 13(1), P is to be read as being a single body consisting of all the relevant beneficiaries (so that, for the purposes of determining if

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