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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Gifts pre-14/3/89: of any assets

Gifts relief for non-business assets was not introduced until 1980. If you are dealing with a case involving a gift before 6 April 1980 you can only allow relief if the conditions in CG66740+ are satisfied.

There were changes in the conditions for the relief between 1980 and 1989.

Disposals by individuals

Hold-over relief was available on gifts of non-business assets after 5 April 1980 and before 14 March 1989 where the person making the gift was an individual. Relief was not available where the gift was made by a company. The donee always had to be resident or ordinarily resident in the UK but there were different rules where the gift was to:

  • an individual,
  • a body of trustees.

Disposals by trustees

Hold-over relief for non-business assets was available for gifts made by trustees to individuals or other trustees where the gift was made after 5 April 1982 and before 14 March 1989. The donee had to be resident or ordinarily resident in the UK and there were similar changes made to the rules for gifts to trustees after 17 March 1986.

Gift to an individual

Hold-over relief was available on a gift to an individual where the gift was made at any time after 5 April 1980 and before 14 March 1989.

Gift to trustees

Hold-over relief was available on a gift to a body of trustees where the gift was made after 6 April 1981 and before 17 March 1986. While the relief was still available on gifts made after 17 March 1986 and before 14 March 1989, there were changes to the rules where the trustees were resident in the United Kingdom, but treated as non-resident under a Double Taxation Agreement.

Gift to a company

Hold-over relief was not available on any gift to a company between 5 April 1980 and 14 March 1989, except under CGTA79/S126.