[HMRC Tax Bulletin 27, February 1997]

We have received numerous enquiries about when paragraph 14 of Schedule 6 Taxation of Chargeable Gains Act (TCGA) 1992 can apply to extend an individual’s qualifying period for retirement relief purposes. A simple example illustrates the query.


Mrs Black worked for seven years as a full-time employee of a large trading company. She held no shares in the company, so it was not her “personal company”. (The definition of “personal company” is in paragraph 1(2) of Schedule 6 TCGA 1992.) She then resigned from the company and immediately started her own consultancy business. Two years later she sold that business.

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