Taxation of Chargeable Gains Act 1992 section 198D

No double claims

Section 198D prevents companies from claiming more than one type of rollover relief on the same asset acquisition, and sets out the rules for switching from a standard rollover relief claim to a ring fence reinvestment relief claim. It applies to disposals made on or after 22 April 2009.

• Once a ring fence reinvestment relief claim is made under section 198A or 198B, no other rollover relief claim (under sections 152, 153, 198A or 198B) can be made for the same asset acquisition.
• A company may switch from a previous standard rollover relief claim (under section 152 or 153) to a new ring fence reinvestment relief claim (under section 198A or 198B), but only if the previous claim is withdrawn at or before the time the new claim is made.
• Where a new ring fence reinvestment relief claim replaces a withdrawn standard rollover relief claim, HMRC must make all necessary adjustments, including amending assessments and repaying or discharging tax as appropriate.
• These adjustments must be made even if the normal time limits for amending assessments have expired.