Roll-over relief: two or more trades carried on simultaneously/successively: personal company
Relief is available for the gain accruing on old assets used for the purposes, for example, of a profession against the acquisition of new assets which are taken into use for the purposes, for example, of an office or employment (see CG60260).
TCGA92/S152 (8) & TCGA92/S157
Claims under TCGA92/S157, however, are restricted to qualifying assets used for qualifying activities of the same personal company. TCGA92/S157 directs that TCGA92/S152 should be read as if it said:-
`If the consideration which an individual obtains for the disposal of … the old assets used and used only for the purposes of the trade carried on by his personal company … is applied by him in acquiring … the new assets which on the acquisition are taken into use, and used only, for the purposes of the trade carried on by that personal company …’
TCGA92/S152 (8) (see CG60500) does apply to claims under TCGA92/S157 but the relevant simultaneous or successive trades are those carried on by the family or personal company, see CG61250+.
A claimant who is an officer or employee of his family or personal company may satisfy the conditions for relief under both TCGA92/S157 and TCGA92/S158 (1)(c). In that case, the claimant may choose the section under which the claim is made.