[CG62093] CG62093 – Reliefs: Replacement of Business Assets (Roll-over Relief): Computation of Relief: Partnerships
The effect of TCGA92/S59(1) is to treat transactions in partnership assets as having been made by the partners rather than by the partnership. Therefore a claim for roll-over relief under TCGA92/S152 cannot be made by a partnership. However, claims can be made by a partner in a partnership but only to the extent of his interest in the old and the new assets and only to the extent that those assets are used for the purposes of a trade carried on by him (either alone or in partnership).
Each partner's share of the disposal consideration of the old assets and costs of acquisition of the new assets must be established in order to determine the amount of relief due.