Taxation of Chargeable Gains Act 1992 section 152

Schedule 7AB paragraph 2

Section 152, as modified by Schedule 7AB paragraph 2, deals with the application of rollover relief on replacement of business assets in the context of gains accruing to non-resident companies that fall within the charge to UK tax.

• Paragraph 2 of Schedule 7AB modifies the standard rollover relief rules under section 152 for non-resident companies subject to UK tax on chargeable gains.
• The modification was introduced by the Finance Act 2011, Schedule 10, paragraph 5(c), reflecting changes to how non-resident companies are brought within the UK tax net on capital gains.
• Rollover relief allows a company to defer a chargeable gain arising on the disposal of a business asset where the proceeds are reinvested in a new qualifying business asset within the permitted time period.
• The effect of the paragraph is to ensure that the rollover relief provisions operate correctly and consistently when applied to gains of non-resident companies that are chargeable to UK tax.

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