Section 169L — Finance Act 2008: Relevant business assets

Relevant business assets 169L 1 If a qualifying business disposal is one which does not consist of the disposal of (or of interests in) shares in or securities of a company, entrepreneurs' relief is given only in respect of the disposal of relevant business assets comprised in the qualifying business disposal.

2 In this Chapter “ relevant business assets ” means assets (including goodwill) which are, or are interests in, assets to which subsection (3) applies, other than excluded assets (see subsection (4) below).

3 This subsection applies to assets which—

a in the case of a material disposal of business assets, are assets used for the purposes of a business carried on by the individual or a partnership of which the individual is a member, b in the case of a disposal of trust business assets, are assets used for the purposes of a business carried on by the qualifying beneficiary or a partnership of which the qualifying beneficiary is a member, or c in the case of a disposal associated with a relevant material disposal, are assets used for the purposes of a business carried on by the partnership or company.

4 The following are excluded assets—

a shares and securities, and b assets, other than shares or securities, which are held as investments.