CG17940 - Taper relief: business asset: disposals by individuals acquiring as legatees
TCGA92/Sch A1/para5(5) explains when an asset is a business
asset in relation to a legatee's disposal.
Where an individual disposes of an asset (other than shares
(or securities, or interests in shares or securities, see CG17930)
acquired as legatee, see CG17935 and CG31100+, the asset qualifies
as a business asset for the personal representatives' period of
holding, if it does not otherwise qualify as a business asset in
relation to the individual, at any time when it was being used
wholly or partly for the purposes of a trade carried on by:
- a company which at that time was a qualifying company by reference to the personal representatives, or a company in a group where the holding company is such a qualifying company or
- a partnership where a member of the partnership was, at that time, a company which at that time was a qualifying company by reference to the personal representatives, or a company in a group where the holding company is such a qualifying company.
