Section 169M Relief to be claimedF1

United Kingdom

(1)

F2Business asset disposal relief is to be given only on the making of a claim.

C1(2)

A claim for business asset disposal relief in respect of a qualifying business disposal must be made—

(a)

in the case of a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and

(b)

otherwise, by the individual.

(3)

A claim for business asset disposal relief in respect of a qualifying business disposal must be made on or before the first anniversary of the 31 January following the tax year in which the qualifying business disposal is made.

(4)

A claim for business asset disposal relief in respect of a qualifying business disposal may only be made if the amount resulting under section 169N(1) is a positive amount.

Annotations

Textual amendments

F1: Pt. 5 Ch. 3 inserted (with effect in accordance with Sch. 3 para. 5 of the amending Act) by Finance Act 2008 (c. 9), Sch. 3 para. 2 (with Sch. 3 paras. 6-8)
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))

Modifications

C1: S. 169M(2)(3) applied (with application in accordance with Sch. 3 para. 3(1) of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 3(5)

Notes on Part V

Textual amendments

F1: Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)