Paragraph 24 F1

(1)

In the case of a material disposal of business assets, “P” means the individual making the disposal.

(2)

In the case of a disposal of trust business assets—

(a)

“P” means any relevant beneficiary, but

(b)

in any reference to P passing or failing the tests mentioned in paragraphs 3 and 13(1), P is to be read as being a single body consisting of all the relevant beneficiaries (so that, for the purposes of determining if those tests are met, percentages are to be calculated in respect of each relevant beneficiary and then aggregated).

(3)

The following are “relevant beneficiaries”—

(a)

the qualifying beneficiary in relation to the disposal (see section 169J(3)), and

(b)

any other beneficiary who is, in relation to the disposal, a beneficiary mentioned in section 169O(1).

Annotations

Textual amendments

F1: Sch. 7ZA inserted (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 5

Notes on Schedule 7ZA

Textual amendments

F2: Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))