Part 2 Reinvestment of Ring Fence Assets
Finance Act 2009 (2009 c 10) | Legislation

Part 2 Reinvestment of Ring Fence Assets

Amendment of TCGA 1992

9

TCGA 1992 is amended as follows.

Roll-over relief

10

In section 198 (replacement of business assets used in connection with oil fields), for subsection (3) substitute—

“(3)     Where—

(a)     section 152 or 153 applies in relation to any of the consideration on a material disposal, and

(b)     the asset which constitutes the new assets for the purposes of that section is a depreciating asset, section 154(2)(b) is to have effect as if the reference to a trade carried on by the claimant were a reference solely to the claimant's ring fence trade.â€

Alternative to roll-over relief

11

In section 198 (replacement of business assets used in connection with oil fields), after subsection (2) insert—

“(2A)     But subsection (1) is subject to section 198A(3)(a).â€

12

After that section insert—

“198A Ring fence reinvestment: whole consideration reinvested

(1)     This section applies if a person (“Pâ€) makes a disposal and acquisition which—

(a)     is a ring fence reinvestment, and

(b)     qualifies for roll-over relief.

(2)     P may make a claim under this section in relation to the disposal and acquisition.

(3)     If P makes a claim under

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