Finance Act, 1991
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Chapter V Capital Gains Tax | ||
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Amendment of section 26 (disposal of business or farm on retirement) of Capital Gains Tax Act, 1975. |
42.— Section 26 of the Capital Gains Tax Act, 1975 , is hereby amended— | |
(a) by the substitution in subsection (1) of “£200,000” for “£50,000” in each place where it occurs, and | ||
(b) by the substitution in subsection (6) (a) (as amended by the Finance Act, 1990 ) of the following definition for the definition, other than the proviso thereto, of “qualifying assets”: | ||
“‘qualifying assets’, in relation to a disposal, includes the chargeable business assets of the individual which, apart from tangible movable property, he has owned for a period of not less than ten years ending with the disposal and the shares or securities which he has owned for a period of not less than ten years ending with the disposal, being shares or securities of a company which has been a trading or a farming company and his family company or a member of a trading group of which the holding company is that individual's family company during a period of not less than ten years ending with the disposal and of which he has been a working director for a period of not less than ten years during which period he has been a full time working director of the said company for a period of not less than five years:”. |