Related Commentary  Related HMRC Manuals

784(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.

784(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)).

784(3)  Subsection (2) is subject to section 785 (restriction on exemption: sales of future earnings).

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