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Section 169VF: Shares treated as disposed of in previous disposal where claim made

Taxation of Chargeable Gains Act 1992 · 1992 c. 12View on legislation.gov.uk

Part V: Transfer of business assets, business asset disposal relief and investors' relief — Chapter 5: Investors' relief

The rules referred to in section 169VE(2) are as follows; and in this section "the disposal concerned" means the previous disposal mentioned in section 169VE(2).

There are to be treated as having been disposed of in the disposal concerned—

all the qualifying shares in the holding at the time immediately before that disposal ("the material time"), or
if less, such number of those qualifying shares as equals the number of shares disposed of in that disposal.

If—

the number of qualifying shares in the holding at the material time was less than the total number of shares disposed of, and
excluded shares were in the holding at the material time,

the available excluded shares are also to be treated as having been disposed of.

"The available excluded shares" means—

all the excluded shares in the holding at the material time, or
if less, such number of those excluded shares as is equal to the difference between—
the total number of shares disposed of, and
the number of qualifying shares in the holding at the material time.

If the number of shares treated under subsections (2) to (4) as disposed of in the disposal concerned is less than the total number of shares disposed of, such number of the potentially qualifying shares in the holding at the material time as is equal to the difference are also to be treated as having been disposed of.

Where the number of potentially qualifying shares in the holding at the material time exceeds the difference mentioned in subsection (5), under that subsection potentially qualifying shares acquired later are to be treated as disposed of in preference to ones acquired earlier.

In this section "disposed of" (without more) means disposed of in the disposal concerned.

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This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0. These source and reuse terms cover the legislation text, not Remedy's commentary.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.