Chwilio Deddfwriaeth

Chwiliad Uwch

Income Tax Act 2007

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Exemption for sales of going concerns

784Exemption for sales of going concerns

(1)This section applies if a capital amount is obtained from the disposal—

(a)of assets (including any goodwill) of a profession or vocation,

(b)of a share in a partnership which is carrying on a profession or vocation, or

(c)of shares in a company.

(2)An individual is not liable to income tax under this Chapter in respect of the capital amount so far as the going concern condition is met (see subsections (4) and (5)).

(3)Subsection (2) is subject to section 785 (restriction on exemption: sales of future earnings).

(4)In the case of a disposal within subsection (1)(a) or (b), the going concern condition is that the value of what is disposed of at the time of disposal is attributable to the value of the profession or vocation as a going concern.

(5)In the case of a disposal within subsection (1)(c), the going concern condition is that the value of what is disposed of at the time of disposal is attributable to the value of the company’s business as a going concern.

(6)In subsection (5) the reference to the company’s business includes a reference to the business of any other company in which it holds shares directly or indirectly.

785Restriction on exemption: sales of future earnings

(1)This section applies if the value as a going concern mentioned in section 784(4) or (5) is derived to a material extent from prospective income or receipts derived directly or indirectly from the individual’s activities in the occupation.

(2)The exemption under section 784 applies to the value so derived only if the future earnings condition is met.

(3)The future earnings condition is met if, ignoring all capital amounts, the individual will receive full consideration for the prospective income or receipts, whether as a partner in a partnership or as an employee or otherwise.

(4)The references in subsections (1) and (3) to income or receipts include references to payments for any description of copyright, licence, franchise or other right deriving its value from the individual’s activities (including past activities).

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