Taxation of Chargeable Gains Act 1992 Schedule 6 paragraphs 1–4

Interpretation

Schedule 6, paragraphs 1–4 provided definitions and interpretive rules for the purposes of the retirement relief provisions that formerly applied under the Taxation of Chargeable Gains Act 1992.

• These paragraphs established the key definitions used throughout Schedule 6, which governed retirement relief from capital gains tax.
• Retirement relief was available to individuals disposing of business assets, typically on retirement or after reaching a certain age, reducing or eliminating the chargeable gain.
• The interpretation provisions ensured consistent application of terms such as "family company," "full-time working officer or employee," and other qualifying conditions across the schedule.
• These provisions were repealed by the Finance Act 1998, section 140(2)(c) and Schedule 27, Part III(31), as retirement relief was phased out and eventually replaced by other reliefs, notably entrepreneurs' relief (now business asset disposal relief).