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Section 140: Phasing out of retirement relief.

Finance Act 1998 · 1998 c. 36View on legislation.gov.uk

Part III: Income Tax, Corporation Tax and Capital Gains Tax — Chapter II: Taxation of Chargeable Gains

In Schedule 6 to the Taxation of Chargeable Gains Act 1992 (retirement relief etc.), paragraph 13(1) (amount available for relief: basic rule) shall have effect, in relation to qualifying disposals in a year of assessment specified in the first column of the following Table, as if—

for the references to £250,000 there were substituted references to the amount specified in the second column of that Table; and
for the reference to £1 million there were substituted a reference to the amount specified in the third column of that Table.

The following provisions, namely—

section 163 of that Act (relief for disposals by individuals on retirement from family business),
section 164 of that Act (other retirement relief), and
Schedule 6 to that Act,

shall cease to have effect in relation to disposals in the year 2003-04 and subsequent years of assessment.

In section 157 of that Act (trade carried on by family company), for the words "within the meaning of Schedule 6" there shall be substituted the words ." that is to say, a company the voting rights in which are exercisable, as to not less than 5 per cent., by him "

In subsection (8) of section 165 of that Act (relief for gifts of business assets), for paragraph (a) there shall be substituted the following paragraphs—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Subsections (3) to (5) above have effect in relation to the year 2003-04 and subsequent years of assessment.

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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.