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An unexpected problem has arisen with the capital gains tax entrepreneurs’ relief rules that apply to associated disposals.
KEY POINTS
- The revised associated disposal rules in TCGA 1992 s 169K as introduced by FA 2016 appear to contain a problem.
- The conditions that must be satisfied for relief to be claimed have been amended.
- Condition C applies only in respect of assets acquired on or after 13 June 2016.
- The examples of the Bacon Family illustrate that relief can be prejudiced if interests in property change.
- It is understood that the CIOT and others are making representations to HMRC to clarify the potential problemsthat may arise.
Many years have passed since I as a young altar boy had to lead the congregation to say the words mea culpa mea culpa mea maxima culpa. Although I didn’t really mean what I was saying then ...
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