Taxation of Chargeable Gains Act 1992 Schedule 6 paragraphs 7–12

Gains qualifying for relief

Schedule 6, paragraphs 7 to 12 set out the rules for determining which chargeable gains qualify for retirement relief, including how qualifying gains are identified, the order in which gains are matched against the relief, and the limits that apply.

• Retirement relief applied to reduce or eliminate chargeable gains arising when an individual disposed of business assets or shares in a personal trading company, subject to qualifying conditions being met.
• The relief operated by reference to a lifetime limit on the total amount of gains that could be sheltered, with the available relief depending on the individual's age and period of ownership or involvement in the business.
• Where an individual made more than one disposal qualifying for relief, gains were set against the available relief in chronological order, and any relief already used on earlier disposals reduced the amount available for later ones.
• These provisions were repealed by the Finance Act 1998 as part of the phasing out of retirement relief, which was progressively replaced by entrepreneurs' relief (now business asset disposal relief) from 6 April 1999 onwards.

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