41 Entrepreneurs' relief: associated disposals
Finance Act 2015 (2015 c 11) | Legislation

41  Entrepreneurs' relief: associated disposals

(1)     Section 169K of TCGA 1992 (disposal associated with relevant material disposal) is amended as follows.

(2)     For subsections (1) and (2) substitute—

“(1)     There is a disposal associated with a relevant material disposal if—

(a)     condition A1, A2 or A3 is met, and

(b)     conditions B and C are met.

(1A)     Condition A1 is that an individual (“P”) makes a material disposal of business assets which consists of the disposal of the whole or part of P's interest in the assets of a partnership, and—

(a)     P's disposed of interest is at least a 5% interest in the partnership's assets, and

(b)     at the date of the disposal, no partnership purchase arrangements exist.

(1B)     Condition A2 is that P makes a material disposal of business assets which consists of the disposal of shares in a company, all or some of which are ordinary shares, and at the date of the disposal—

(a)     the ordinary shares disposed of—

(i)     constitute at least 5% of the company's ordinary share capital, and

(ii)     carry at least 5% of the voting rights in the company, and

(b)     no share purchase arrangements exist.

(1C)

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