Section 169R Reorganisations involving acquisition of qualifying corporate bondsF1F2
United Kingdom
This section applies where the calculation under section 116(10)(a) would (apart from this section) have effect to produce a chargeable gain for an individual by reason of a relevant transaction.
If an election is made under this section, a claim for F3business asset disposal relief may be made as if the relevant transaction involved a disposal of the old asset; and if such a claim is made section 116(10) does not apply.
An election under this section must be made—
if the relevant transaction, so far as it relates to the old asset, would (apart from section 116(10)) involve a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and
otherwise, by the individual.
An election under this section must be made on or before the first anniversary of the 31 January following the tax year in which the relevant transaction takes place.
In this section, “old asset” and “relevant transaction” have the meaning given by section 116.
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
S. 169R substituted (with effect in accordance with Sch. 1 para. 15 of the amending Act) by Finance (No. 2) Act 2010 (c. 31), Sch. 1 para. 8
- F3
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))
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)