Taxation of Chargeable Gains Act 1992 Schedule 6 paragraph 16

Aggregation of spouse's interest in the business

Paragraph 16 of Schedule 6 dealt with how a spouse's interest in the same business was aggregated with the taxpayer's own interest when calculating retirement relief entitlements.

• When determining whether a taxpayer qualified for retirement relief on the disposal of business assets, any interest held by their spouse in the same business could be combined with the taxpayer's own interest.
• This aggregation rule ensured that married couples who jointly participated in a business were not disadvantaged compared to sole owners when claiming the relief.
• The provision was relevant to family businesses where both spouses held shares or partnership interests, allowing a combined assessment of their involvement for relief purposes.
• This paragraph was repealed by Finance Act 1998, section 140(2)(c) and Schedule 27 Part III(31), as part of the phasing out of retirement relief, which was progressively replaced by entrepreneurs' relief (now business asset disposal relief).