Taxation of Chargeable Gains Act 1992 Schedule 6 paragraph 15

Relief given on earlier disposal

Schedule 6 paragraph 15 deals with the adjustment of retirement relief where an earlier disposal had already benefited from relief and a subsequent disposal of the same or related business assets occurs.

• Where a person has received retirement relief on an earlier disposal and makes a further qualifying disposal, the relief available on the later disposal must be reduced to reflect the relief already given.
• The maximum amount of relief available on the later disposal is calculated by deducting the relief previously obtained from the overall lifetime limit of relief.
• This prevents an individual from claiming more than the permitted total of retirement relief across multiple disposals over time.
• The provision was amended by the Finance Act 1998, which phased out retirement relief in conjunction with the introduction of taper relief on chargeable gains.

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