Gifts: gifts of business assets: when relief not available
TCGA92/S166 & TCGA92/S167
Relief is not due if the donee is:
- neither resident nor ordinarily resident* in the UK
- resident in both the UK and another country and not liable to Capital Gains Tax on a subsequent disposal of the asset under the relevant double taxation agreement
a company controlled by a person or persons connected with the donor who would not be liable to Capital Gains Tax on a sale of their interests in the donee company either
- because they are neither resident nor ordinarily resident in the UK
- under the relevant double taxation agreement.
Relief is not due if TCGA92/S260 applies, see CG67040.
- For 2013-14 and subsequent years ordinary residence does not need to be considered.