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HMRC internal manual

Capital Gains Manual

Gifts: exchange for shares

In many cases assets are transferred to the company in return for shares. If so, the first question to be considered is whether and to what extent TCGA92/S162 applies. CG65700+ tell you about Section 162 relief. Section 162 relief applies automatically. Many cases fail to meet the conditions for Section 162 relief because it requires the whole of the assets of the business with the possible exception of cash to be transferred. In particular the proprietors of the business may wish to retain the business premises themselves.