C3.506 Holdover relief for gifts of business assets—settled propertyThe holdover relief for gifts of business assets is extended to disposals other than by way of bargain at arm's length by trustees of settled property1. Such disposals include the vesting of property in a beneficiary by the trustees under TCGA 1992, s 71 (see I5.1017) and the transfer of an asset to a beneficiary by way of an advancement of capital, where the trustees have discretion. The relief may be claimed in respect of disposals of assets used for the purposes of a trade carried on either by the trustees
The holdover relief for gifts of business assets is extended to disposals other than by way of bargain at arm's length by trustees of settled property1. Such disposals include the vesting of property in a beneficiary by the trustees under TCGA 1992, s 71 (see I5.1017) and the transfer of an asset to a beneficiary by way of an advancement of capital, where the trustees have discretion. The relief may be claimed in respect of disposals of assets used for the purposes of a trade carried on either by the trustees
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