Under section 152(1), the key conditions for the relief are that:

(1)the old assets are within one of the classes listed in CG60280 and have been used solely for the purposes of the trade throughout the period of ownership, and

(2)the whole of the consideration obtained for the disposal is applied in acquiring new assets within one of the classes listed in CG60280 which are, on the acquisition taken into use wholly for the purposes of the trade.

Meaning of Applying Consideration

Deemed Consideration

Meaning of ‘on the acquisition are taken into use’

Meaning of Applying Consideration

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