This relief is available where a person permanently ceases to carry on a UK property business (whether carried on alone or in partnership) (ITA 2007, s. 125). Note that where the person is a company which is within the charge to income tax in respect of the business, the company is treated as permanently ceasing to carry on the business if and when the company ceases to be chargeable to income tax in respect of it.

The relief has to be claimed.

The relief applies where, within seven years of cessation, either:

the person makes a ‘qualifying payment’; or

a ‘qualifying event’ occurs in relation to a debt owed to the person.

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