This article is intended for ATT students who are sitting their examinations in November 2023 and is based on legislation enacted up to and including 31 July 2022 (the cut-off date for the 2023 examination syllabus). It could also serve as a refresher for those practitioners who haven’t dealt with rollover relief (sometimes known as replacement of business assets relief) for a while.
One of the topics that makes a regular appearance in the ATT Paper 2 and Paper 4 examinations is that of rollover relief reflecting its importance to both companies and unincorporated businesses in practice. Rollover relief allows traders to defer paying tax that would otherwise be due on the disposal of a capital asset used in their trade and is of great benefit to the trader’s cash flow. (For the purposes of this article the term ‘trader’ will be used to cover both companies and unincorporated...
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