Section 169R — Taxation of Chargeable Gains Act 1992: Reorganisations involving acquisition of qualifying corporate bonds

Reorganisations involving acquisition of qualifying corporate bonds 169R 1 This section applies where the calculation under section 116(10)(a) would (apart from this section) have effect to produce a chargeable gain for an individual by reason of a relevant transaction.

2 If an election is made under this section, a claim for business asset disposal relief may be made as if the relevant transaction involved a disposal of the old asset;

and if such a claim is made section 116(10) does not apply.

3 An election under this section must be made—

a if the relevant transaction, so far as it relates to the old asset, would (apart from section 116(10)) involve a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and b otherwise, by the individual.

4 An election under this section must be made on or before the first anniversary of the 31 January following the tax year in which the relevant transaction takes place.

5 In this section, “old asset” and “relevant transaction” have the meaning given by section 116.