Taxation of Chargeable Gains Act 1992 Schedule 6 paragraph 13

The amount available for relief: the basic rule

Paragraph 13 of Schedule 6 establishes the basic rule for calculating the amount of retirement relief available when an individual disposes of business assets or shares in a qualifying company.

• Retirement relief reduces or eliminates the chargeable gain arising on the disposal of qualifying business assets by an individual who has reached the age of 50 or retired due to ill health.
• The amount of relief available depends on the length of time the individual has owned and used the business assets, or held shares in a qualifying trading company, with a minimum qualifying period applying.
• Relief is given up to specified monetary limits, with a maximum amount of gain that can be fully exempted, and a further amount that can qualify for a reduced rate of relief on gains above that threshold.
• This provision was subject to amendment by the Finance Act 1998, which phased out retirement relief in conjunction with the introduction of taper relief on chargeable gains.

---