165 Relief for gifts of business assets
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

Chapter II
Gifts of Business Assets

165  Relief for gifts of business assets

(1)     If—

(a)     an individual (“the transferor”) makes a disposal otherwise than under a bargain at arm's length of an asset within subsection (2) below, and

(b)     a claim for relief under this section is made by the transferor and the person who acquires the asset (“the transferee”) or, where the trustees of a settlement are the transferee, by the transferor alone,

then, subject to subsection (3) and [sections 166, 167[, [167A,] 169, 169B and 169C]], subsection (4) below shall apply in relation to the disposal.

(2)     An asset is within this subsection if—

(a)     it is, or is an interest in, an asset used for the purposes of a trade, profession or vocation carried on by—

(i)     the transferor, or

(ii)     his [personal company], or

(iii)     a member of a trading group of which the holding company is his [personal company], or

(b)     it consists of shares or securities of a trading company, or of the holding company of a trading group, where—

(i)     the shares or securities are [not listed on a recognised stock exchange], or

(ii)     the trading company or holding company is the

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