roll-over relief

roll-over relief
When certain business assets are sold and the consideration is used to acquire a new business asset, roll-over relief may, at the election of the taxpayer, be available on any gain made at the election of the taxpayer on the disposal. The gain on the disposal is deemed to reduce the consideration for the acquisition of the new asset. When the new asset is sold, tax will, effectively, be payable on both gains (subject to any available reliefs). The relief is only normally available if the replacement asset is purchased in the 12-month period preceding the disposal or three years after (sections 152-160, Taxation of Chargeable Gains Act 1992).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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