Section 157 — Taxation of Chargeable Gains Act 1992: Trade carried on by family company: business assets dealt with by individual.

Trade carried on by family company: business assets dealt with by individual. 157 In relation to a case where—

a the person disposing of, or of his interest in, the old assets and acquiring the new assets, or an interest in them, is an individual, and b the trade or trades in question are carried on not by that individual but by a company which, both at the time of the disposal and at the time of the acquisition referred to in paragraph (a) above, is his personal company , that is to say, a company the voting rights in which are exercisable, as to not less than 5 per cent., by him , any reference in sections 152 to 156 to the person carrying on the trade (or the 2 or more trades) includes a reference to that individual.