Section 169V — Taxation of Chargeable Gains Act 1992: Operation of deferred business asset disposal relief

Operation of deferred business asset disposal relief 169V 1 Where this section applies, the following rules have effect.

2 The gain mentioned in section 169U(2) (“the first eventual gain”)—

a is treated for relevant purposes as the amount resulting from a calculation under section 169N(1) carried out—

i in respect of a qualifying business disposal made when the first eventual gain accrues, and ii because of the claim mentioned in section 169U(5),

and b except for relevant purposes , is not to be taken into account under this Act as a chargeable gain.

3 If the first eventual gain is a part only of the original gain in the case concerned, each part of the original gain that subsequently accrues as a chargeable gain as a result of the operation of the relevant paragraph—

a is treated for relevant purposes as the amount resulting from a calculation under section 169N(1) carried out—

i in respect of a qualifying business disposal made when that chargeable gain so accrues, and ii because of the claim mentioned in section 169U(5),

and b except for relevant purposes , is not to be taken into account under this Act as a chargeable gain.

4 If the disposal mentioned in paragraph (a) or (b) of section 169U(4) is a disposal within section 169H(2)(c) (qualifying business disposal: disposal associated with a relevant material disposal)—

a a disposal mentioned in subsection (2) or (3) of this section is treated for the purposes of section 169P(1) as a disposal associated with a relevant material disposal, but b section 169P applies in relation to that disposal as if the disposal referred to in section 169P(4) were the disposal mentioned in section 169U(4)(a) or (b).

5 In this section “ relevant purposes ” means the purposes of—

a section 169N(2) to (4B), (7) and (8),

and b section 169P.