Taxation of Chargeable Gains Act 1992 section 159

Non-residents: roll-over relief

Section 159 restricts the availability of roll-over relief under section 152 for non-residents and sets out the conditions that must be met for such relief to apply.

• Roll-over relief is denied where the old assets are chargeable assets at disposal unless the replacement new assets are also chargeable assets immediately after acquisition.
• Relief may still be available if the person acquires the new assets after disposing of the old assets and is UK resident immediately after acquiring them.
• This UK-residence exception is itself blocked where the person is a dual resident under a double taxation agreement and the new assets are prescribed assets under that agreement.
• A transitional rule applies where new assets were acquired before 14 March 1989 and the old assets were disposed of on or after that date within 12 months of the acquisition.