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HMRC internal manual

Capital Gains Manual

Order of reliefs

Where reliefs are available in respect of discrete types of asset no confusion can arise about their interaction. But, particularly in relation to business assets, a number of different reliefs may be available. The order in which such reliefs should be allowed depends on the way in which they work.

ROLL-OVER RELIEF (TCGA92/S152 - TCGA92/S158) reduces the consideration to be taken into account in computing the gain on disposal. It comes first, see CG61560+.

RELIEF ON THE TRANSFER OF A BUSINESS TO A COMPANY (TCGA92/S162) works by reducing the net chargeable gains.

RELIEF FOR GIFTS OF BUSINESS ASSETS (TCGA92/S165) also works by reducing the chargeable gains. Instructions on the interaction of this relief with the relief on transfer of a business to a company are at CG66973.