KEY POINTS
- Defining the 'qualifying holding period'
- Business or non-business assets
- Apportioning the gain
- Optimum periods of ownership
We are grateful to those readers who in addition to Keith Gordon pointed out that business asset taper relief (BATR) — albeit 'tainted' — would be due in respect of the circumstances outlined in the Readers' Forum query 'Shopping relief' (see Related Links above).
It does seem to be a common misconception that an entitlement to BATR only arises if an asset is owned and used for qualifying business purposes for at least a twelve-month period; and it does seem counter-intuitive that this is not in fact the case. Why is this? Perhaps it stems from TCGA 1992 itself.
A long strange trip
TCGA 1992 s 2A is the 'root' of taper relief and perhaps...
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