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HMRC internal manual

Capital Gains Manual

Roll-over relief: persons entitled to relief: TCGA92/S152

Title to relief under TCGA92/S152 is confined to persons carrying on a trade. The word trade is to be given the same meaning as it has for Income Tax purposes. Trade therefore includes activities such as farming and the commercial letting of furnished holiday accommodation.

TCGA92/S158 extends title to relief under Section 152 to:-

  • the discharge of the functions of a public authority.
  • the occupation of woodlands where these are managed by the occupier on a commercial basis and with a view to the realisation of profits.
  • a profession, vocation, office or employment, see CG60530.
  • the activities of a non-profit making body which are wholly or mainly directed to the protection or promotion of the trade or professional interests of its members.
  • the activities of certain unincorporated associations and other bodies chargeable to Corporation Tax. The persons must be bodies not established for profit whose activities are wholly or mainly carried on otherwise than for profit. Examples include trade unions, sports clubs and local constituency associations of political parties. Both the old assets and the new assets must be used by the body for its activities. Where the assets are land or buildings, they must also be occupied by the body for its activities. Relief is not available for let property or other investments.

TCGA92/S175 modifies the operation of the relief in groups of companies, see CG45930 onwards.


By concession, relief under TCGA92/S158 (1)(e) extends to a company which holds assets used and, in the case of land and buildings occupied, by a non-profit making unincorporated association. The share capital of the company must be wholly, or apart from a very small proportion, held by or on behalf of the unincorporated association or its members. A shareholding of at least 90% may be regarded as satisfying this requirement.

TCGA92/S157 extends title to relief under Section 152 to assets owned by an individual which are used for the purposes of a trade carried on by that individual’s family or personal company, see CG61250+.