# Capital Gains Tax Act 1979 (repealed 6.3.1992), Section 120: Trade carried on by family company: business assets dealt with by individual.

Extent: E+W+S+N.I.

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 family company, within the meaning of Schedule 20 to the Finance Act 1985,
any 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.

---
Source: https://www.legislation.gov.uk/ukpga/1979/14/section/120 (the official version)
Page: https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/section-120
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.