As outlined in C3.301 rollover relief is available where the whole or part of the proceeds of the disposal of a qualifying asset used for the purposes of a trade are matched with the acquisition of a qualifying replacement other asset to be used for the trade. The following commentary discusses how the relief operates for taxpayers in particular situations. These are: spouses and civil partnerships, partnerships, companies and non-residents.
Rollover relief—spouses and civil partners
Married couples and members of a civil partnership are separate persons for rollover relief purposes. Their disposals and acquisitions must therefore be considered separately. Where an asset is jointly held by both spouses or both civil partners, regard must be had to each spouse's or partner's beneficial interest.
In Mudd1 the taxpayer wished to rollover a gain on the sale of the goodwill in his business into the purchase of a country house from which he and his wife planned to run a hotel. They purchased the house as tenants in common, 75% by the husband and 25% by his
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