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The Finance Act 1993, Section 86(2), (Single Payment Scheme) Order 2005
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- 2005 No. 409
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order further amends section 155 of the Taxation of Chargeable Gains Act 1992 (c. 12) (“the Act”). Section 155 specifies classes of assets which are subject to either roll-over relief under section 152 or 153 of the Act or relief in the case of depreciating assets (commonly known as “hold-over relief”) under section 154 of the Act, in respect of gains accruing on the disposal of those assets (or of the interest in them) when used for the purposes of a trade where certain conditions have been met.
Article 1 provides for the citation, commencement, effect and interpretation of the Order.
Article 2 introduces the amendment to section 155 of the Act. The effect of the amendment is to introduce another class of assets to the list contained in section 155, namely payment entitlements under the single payment scheme, which will be subject to relief under sections 152, 153 and 154 of the Act. The single payment scheme is a new system of support payments for farmers under the EU Common Agricultural Policy introduced by Council Regulation (EC) No. 1782/2003.
This Order does not impose any new costs on business.
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