Taxation of Chargeable Gains Act 1992 Schedule 6 paragraph 6

Gains qualifying for relief

Schedule 6 paragraph 6 sets out which chargeable gains qualify for retirement relief under the schedule, establishing the conditions that must be met for a disposal to attract the relief.

• Gains qualifying for retirement relief must arise from the disposal of business assets or shares in qualifying companies by individuals who have reached the appropriate age or retired due to ill health.
• The relief applies to gains on disposals of the whole or part of a business, or of shares or securities in a trading company or holding company of a trading group, where the individual has been involved in the business for a sufficient period.
• The paragraph was amended by the Finance Act 1998, which began the process of withdrawing retirement relief, phasing it out over a transitional period.
• The amendments under section 140(2)(c) of the Finance Act 1998 and Schedule 27 Part III effectively restricted and ultimately removed the availability of this relief for disposals, subject to transitional provisions under section 140(1).

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