SCHEDULE 16 Entrepreneurs' Relief
Finance Act 2019 (2019 c 1) | Legislation

SCHEDULE 16 Entrepreneurs' Relief

Section 39

Periods throughout which conditions for relief must be met

1

(1)     Chapter 3 of Part 5 of TCGA 1992 (transfer of business assets: entrepreneurs' relief) is amended as follows.

(2)     In section 169I (material disposal of business assets)—

(a)     in subsections (3), (6) and (7A)(b) and (c), for “1 year†substitute “2 yearsâ€,

(b)     in subsection (4)(a), for “1 year†substitute “2 yearsâ€,

(c)     in subsections (7) and (7B)(b) and (c), for “1 year†substitute “2 yearsâ€, and

(d)     after subsection (7) insert—

“(7ZA)     If, in any case where an individual disposes of any shares in a company—

(a)     there has been an issue of shares in the company to the individual following a relevant business transfer, and

(b)     any of the issued shares constitute, or otherwise form part of, the shares disposed of,

the conditions in subsection (6)(a) and (b) are to be treated as met in any period ending immediately before the transfer throughout which the individual owned the business.

(7ZB)     For the purposes of subsection (7ZA), shares have been issued “following a relevant business transfer†if they have been issued wholly or partly in exchange

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