Taxation of Chargeable Gains Act 1992 section 169M

Relief to be claimed

Section 169M sets out the requirements for claiming business asset disposal relief (formerly known as entrepreneurs' relief), including who must make the claim, the time limit for claiming, and the condition that must be met before a claim can be made.

• Business asset disposal relief is not given automatically — it must be actively claimed by the individual or, for trust disposals, jointly by the trustees and the qualifying beneficiary.
• Claims must be submitted on or before the first anniversary of 31 January following the tax year in which the qualifying business disposal takes place.
• A claim can only be made where the net gains on the disposal (after offsetting gains and losses on the relevant assets) produce a positive amount.
• A claim is not irrevocable and may be amended or revoked within the applicable time limits, which may be extended where a self-assessment enquiry is opened.