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HMRC internal manual

Capital Gains Manual

Gifts: introduction

Gifts relief for business assets was first introduced in 1978 by FA78/S46. This became CGTA79/S126 and subsequently TCGA92/S165.

Gifts relief for agricultural land was introduced from 26 March 1974 and the scope of Gifts relief was extended to include non-business assets by FA80/S79. Amendments were then made by FA81/S78 and FA82/S82.

In the period to 14 March 1989 there were other changes in the conditions for gifts relief.

The most significant changes were made in Finance Act 1989 which restricted the scope of the relief essentially limiting it to gifts of ‘business assets’. The meaning of `business assets’ was basically that which applies after 14 March 1989, see CG66940.

For guidance on Gifts relief available for gifts made before 14 March 1989 see CG66730+.

Further changes were introduced in Finance Act 2004 to deny relief where the gift was made to a settlor interested settlement, see CG66918+.

Additional minor changes have been made since 2004.

If you are unsure about the conditions for relief in a particular year you will need to refer to the appropriate print of the Taxes Acts.