# Taxation of Chargeable Gains Act 1992, Paragraph 24


(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).

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Source: https://www.legislation.gov.uk/ukpga/1992/12/schedule/7ZA/paragraph/24 (the official version)
Page: https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/schedule-7ZA/paragraph-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.