{
  "url": "https://openlegislation.uk/finance-act-2025/schedule-2/paragraph-7",
  "json_url": "https://openlegislation.uk/finance-act-2025/schedule-2/paragraph-7.json",
  "legislation": "ukpga/2025/8",
  "legislation_title": "Finance Act 2025",
  "legislation_url": "https://openlegislation.uk/finance-act-2025",
  "path": "schedule/2/paragraph/7",
  "kind": "paragraph",
  "number": "7",
  "heading": "Assets transferred under unconditional contract made before 30 October 2024",
  "text": "(1) If an asset is transferred on or after 30 October 2024 under an unconditional contract made before that date, the disposal is, despite section 28(1) of TCGA 1992, to be treated as taking place at the time the asset is transferred (rather than at the time the contract is made) unless the contract is an excluded contract.\n(2) A contract is an excluded contract if—\n(a) obtaining an advantage by reason of the application of section 28(1) of TCGA 1992 was no purpose of entering into the contract, and\n(b) where the parties to the contract are connected persons, the contract was entered into wholly for commercial reasons.\n(3) A contract is not to be regarded as an excluded contract unless the person making the transfer makes a claim which includes a statement that the contract meets the conditions to be an excluded contract.\n(4) But no claim is required if the total amount of—\n(a) the chargeable gain accruing on the disposal, and\n(b) the chargeable gains accruing on all other disposals made under excluded contracts (including contracts which are excluded contracts for the purposes of paragraphs 11 to 13),\ndoes not exceed £100,000.\n(5) For this purpose the amount of any gain accruing on a qualifying business disposal is to be taken to be the amount of the gain under section 169N(2) of TCGA 1992.\n(6) If the person making the transfer makes—\n(a) a claim under section 169M of TCGA 1992 in relation to a qualifying business disposal (business asset disposal relief), or\n(b) a claim under section 169VM of that Act (investors’ relief) in relation to a disposal,\nsection 169M(2) and (3) of that Act, or (as the case may be) section 169VM(1) and (2) of that Act, apply to a claim under sub-paragraph (3) in relation to the disposal as they apply to a claim under the section concerned.\n(7) In this paragraph “qualifying business disposal” has the meaning given by Chapter 3 of Part 5 of TCGA 1992.\n(8) In this paragraph any reference to the transfer of an asset includes its conveyance.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2025/8/schedule/2/paragraph/7",
    "retrieved_at": "2026-10-29T08:47:01.939707+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."
}