Taxation of Chargeable Gains Act 1992 section 155

Relevant classes of assets

Section 155 defines the specific classes of assets that qualify for business asset roll-over relief under section 152, ensuring that only certain categories of trade assets are eligible for deferral of capital gains tax when one qualifying asset is replaced by another within the same class.

• Qualifying assets are grouped into eight classes (plus Class 7A), and roll-over relief only applies where the old and new assets fall within the same class
• Class 1 covers trade buildings, land and fixed plant or machinery — the buildings and land must be both occupied and used solely for the purposes of the trade
• Classes 2 to 4 cover ships, aircraft and hovercraft; satellites, space stations and spacecraft; and goodwill respectively
• Classes 5 to 8 cover various agricultural and fishing quotas, EU farm payment entitlements, and Lloyd's syndicate rights — these are more specialised categories relevant to particular industries