Section 152 | Roll-Over Relief | Taxation Of Chargeable Gains Act 1992 C12

152 Roll-over relief

Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

Part V Transfer of Business Assets[, [Business Asset Disposal Relief] and Investors' Relief]

Chapter I
[Transfer of Business Assets:] General Provisions

Replacement of business assets

152 Roll-over relief

(1) If the consideration which a person carrying on a trade obtains for the disposal of, or of his interest in, assets (“the old assets”) used, and used only, for the purposes of the trade throughout the period of ownership is applied by him in acquiring other assets, or an interest in other assets (“the new assets”) which on the acquisition are taken into use, and used only, for the purposes of the trade, and the old assets and new assets are within the classes of assets listed in section 155, then the person carrying on the trade shall, on making a claim as respects the consideration which has been so applied, be treated for the purposes of this Act—

(a) as if the consideration for the disposal of, or of the interest in, the old assets were (if otherwise of a greater amount or value) of such amount as would secure that on the disposal neither a gain nor a loss accrues to him, and

(b) as if the amount or value