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Rollover relief is available where the whole or part of the proceeds of the disposal of a qualifying asset used for the purposes of a trade are matched with the acquisition of a qualifying replacement other asset to be used for the trade. To qualify for relief the acquisition of the replacement asset (or an unconditional contract for the acquisition) must take place within the period beginning 12 months before and ending three years after the time of disposal of the old asset. HMRC has discretion to extend these time limits by notice in writing¹.

A conditional contract to acquire a new asset made within the statutory period does not satisfy the conditions for relief unless the condition is fulfilled during the period, subject to any discretion that HMRC might exercise.

HMRC considers that the date of acquisition of a newly constructed asset or an improvement to an existing asset may be taken as the date on which the asset or works are completed and ready to use².

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