Section 198A Ring fence reinvestment: whole consideration reinvestedF1

(1)

This section applies if a person (“P”) makes a disposal and acquisition which—

(a)

is a ring fence reinvestment, and

(b)

qualifies for roll-over relief.

(2)

P may make a claim under this section in relation to the disposal and acquisition.

(3)

If P makes a claim under this section—

(a)

section 152 does not apply to any of the disposal consideration, and

(b)

any gain accruing to P on the disposal is not a chargeable gain.

(4)

In this section “disposal consideration” means the whole of the consideration obtained on the disposal made by P.

Annotations

F1: Ss. 198A-198G inserted (with effect in accordance with Sch. 40 para. 13 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 12