Taxation of Chargeable Gains Act 1992 section 163

Relief for disposals by individuals on retirement from family business

Section 163 provided a capital gains tax relief for individuals disposing of assets when retiring from a family business, but this relief has been abolished.

• Section 163 originally offered retirement relief on chargeable gains when an individual disposed of business assets upon retiring from a family business.
• The relief was repealed by the Finance Act 1998, meaning it is no longer available.
• The repeal took effect for disposals made in the 2003–04 tax year and all subsequent tax years.
• Any disposals made before 2003–04 that qualified under the original provisions would have been dealt with under the rules as they stood at the time.