{
  "url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/section-120",
  "json_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/section-120.json",
  "legislation": "ukpga/1979/14",
  "legislation_title": "Capital Gains Tax Act 1979 (repealed 6.3.1992)",
  "legislation_url": "https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992",
  "path": "section/120",
  "kind": "section",
  "number": "120",
  "heading": "Trade carried on by family company: business assets dealt with by individual.",
  "text": "In relation to a case where—\n(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\n(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 family company, within the meaning of Schedule 20 to the Finance Act 1985,\nany reference in sections 115 to 119 above to the person carrying on the trade (or the two or more trades) includes a reference to that individual.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words substituted by Finance Act 1985 (c. 54), s. 70(9) with respect to disposals (and associated acquisitions) made on or after 6 April 1985"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "See also Capital Gains Tax Act 1979 (c. 14), Sch. 6 para. 22"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "See Finance (No. 2) Act 1983 (c. 49), s. 7(6)"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "Ss. 115–121 restricted by Finance Act 1990 (c. 29, SIF 63:2), s. 40(5)(6)"
    },
    {
      "type": "C",
      "label": "C4",
      "text": "See Finance Act 1984 (c. 43, SIF 63:1), s. 50(1) and Sch. 11 para. 1"
    },
    {
      "type": "C",
      "label": "C5",
      "text": "Ss. 115-121 excluded (E.W.S.) (16.1.1992) by S.I. 1992/58, art. 9, Sch. 2 para.10"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1979/14/section/120",
    "retrieved_at": "2026-10-29T10:18:25.768570+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}