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HMRC internal manual

Capital Gains Manual

Roll-over relief: time limit for re-investment

TCGA92/S152 (3)

The new asset must be

  • acquired, or
  • an unconditional contract for the acquisition must be entered into in the period

    • beginning 12 months before or
    • ending three years after

the date of disposal of the old asset. These periods may be extended at the discretion of the Board of Inland Revenue. The Board have delegated to the relevant Grade 7 technician the power to extend the time limits in certain circumstances, see CG60640. The First-tier Tribunal does not have any power to set aside a decision not to extend the time limit which has been made by the Board.

TCGA92/S152 (4)

TCGA92/S152 (4) provides for relief to be allowed on a provisional basis when an unconditional contract for the acquisition is entered into. Provisional relief should be reviewed in the light of the full facts (for example the use to which the asset is put on the acquisition, see CG60810+). All necessary adjustments by making or amending assessments or by repayment or discharge of tax may then be made without regard to normal time limits.

In addition to provisional relief when there has been an unconditional contract you should be aware of the possibility of provisional relief before any contract for acquisition has been entered into, see CG 60609 and CG60700+.

Newly constructed assets

In the case of a newly constructed asset (including buildings which under Section 155 are treated as assets separate from the land on which they stand) or improvements to existing assets, the date of acquisition may be taken as the date on which the asset or the works are completed and ready for use.