Introduction Overview Overview Section 669: Asset ceasing to be held for qualifying purposes etc
2059.This section provides that the exemption for chargeable gains on assets is not available if the club ceases to be registered or to hold the asset for qualifying purposes. It is based on paragraphs 10 and 16 of Schedule 18 to FA 2002.
2060.Paragraph 10 of Schedule 18 to FA 2002 refers to “property” but TCGA refers to disposals of “assets”. Consequently, the section refers to disposals of “assets” for the purposes of TCGA rather than disposals of “property”.
2061.Subsections (5) and (6) separate and clarify the process for making assessments and the time limit for doing so. These are dealt with together in paragraph 10(3) of Schedule 18 to FA 2002.