Taxation of Chargeable Gains Act 1992 Schedule 6 paragraph 5

Disposals on which relief may be given

Schedule 6 paragraph 5 sets out the qualifying conditions that a disposal must meet in order for retirement relief to be available.

• This paragraph was part of the retirement relief provisions in Schedule 6, which allowed individuals to reduce or eliminate chargeable gains on the disposal of business assets upon retirement or later in their working life.
• Relief was available on disposals of business assets, shares in family trading companies, or interests in trading partnerships, provided certain conditions regarding ownership and involvement were satisfied.
• The disposing individual generally needed to have been actively involved in the business — for example, as a sole trader, working partner, or full-time working director — for a minimum qualifying period.
• The retirement relief provisions in Schedule 6 were repealed by the Finance Act 1998, with transitional provisions phasing out the relief. It has been fully replaced by other reliefs, most notably entrepreneurs' relief (now called business asset disposal relief).