Taxation of Chargeable Gains Act 1992 Schedule 7 paragraph 8

Reduction where gain partly relieved by retirement relief

Schedule 7 paragraph 8 dealt with reducing the held-over gain on a gift where the transferor had already claimed retirement relief on part of the same gain. This paragraph was repealed by the Finance Act 1998.

• Where a disposal qualified for both gift hold-over relief and retirement relief, the held-over gain was reduced by the amount already sheltered by retirement relief
• This prevented a double benefit arising from claiming both reliefs on the same chargeable gain
• The effect was that only the portion of the gain not covered by retirement relief could be held over and passed to the transferee
• This provision was repealed by the Finance Act 1998, Schedule 27, Part III(31), in line with the phasing out of retirement relief

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