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HMRC internal manual

Capital Gains Manual

Gifts: gifts of business assets: late claims

Where an assessment is made under TMA70/S43A the time limit for making a claim is one year from the end of the year of assessment in which the assessment is made. Section 43A (5) directs consequential assessments to be made on the donee. There are no specified time limits for making these assessments, but such assessments should be made as quickly as possible.