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HMRC internal manual

Capital Gains Manual

Gifts: gifts of business assets: late claims

Where an assessment is made on a taxpayer under TMA70/S36 (1) and the time limit has expired, a claim can be made by reason of TMA70/S36 (3). This is a normal hold-over claim and therefore except where it is a gift in settlement the donee must be a party to the claim. It is important to ensure that the donee’s district is notified, so that if the donee has disposed of the asset the appropriate assessment or further assessment can be made. For years up to and including 1995-96 TMA70/S42 (10) as in force prior to the FA95 amendments, enables assessments to be made on the donee within one year of the final determination of the claim, overriding the normal time limits.