Part V

Transfer of business assets, business asset disposal relief and investors' relief
Chapter I

Transfer of business assets: General provisions

Replacement of business assets

Relevant classes of assets.
155
The classes of assets for the purposes of section 152(1) are as follows.
- CLASS 1
Assets within heads A and B below.
  - Head A
    1. Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade
    2. Any land occupied (as well as used) only for the purposes of the trade.
Head A has effect subject to section 156.
  - Head B
Fixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.
- CLASS 2
Ships, aircraft and hovercraft (“hovercraft” having the same meaning as in the Hovercraft Act 1968).
- CLASS 3
Satellites, space stations and spacecraft (including launch vehicles).
- CLASS 4
Goodwill.
- CLASS 5
Milk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).
- CLASS 6
Ewe and suckler cow premium quotas (that is, rights in respect of any ewes or suckler cows to receive payments by way of any subsidy entitlement to which is determined by reference to limits contained in a Community instrument).
- CLASS 7
Fish quota (that is, an allocation of quota to catch fish stocks, which derives from the Total Allowable Catches set in pursuance of Article 8(4) of Council Regulation
(EEC) 3760/92
and under annual Council Regulations made in accordance with that Article, or under any replacement Community Instruments).
- CLASS 7A
Assets within heads A and B below.
  - Head A
Payment entitlements under the single payment scheme (that is, the scheme of income support for farmers in pursuance of Title
III
of
Council Regulation (EC) No 73/2009
).
  - Head B
Payment entitlements under the basic payment scheme (that is, the scheme of income support for farmers in pursuance of Regulation (EU) No 1307/2013 of the European Parliament and of the Council).
- CLASS 8
Assets within heads A and B below.
  - Head A
Rights of a member of Lloyd’s under a syndicate within the meaning of Chapter
III
of Part II of the Finance Act 1993.
  - Head B
An asset which a member of Lloyd’s is treated as having acquired by virtue of section 82 of the Finance Act 1999.
Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras. 3, 7
Ss. 152-156 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 6(2)
1968 c.59.
Words in s. 155 inserted (27.7.1993 with effect as mentioned in s. 86(4)) by 1993 c. 34, s. 86(1)(4)
S. 155 restricted (24.7.2002) by Finance Act 2002 (c. 23), Sch. 29 para. 132(5)
Ss. 152-156 modified (3.5.1994) by Finance Act 1994 (c. 9), Sch. 25 para. 3(2)
Ss. 152-160 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(1)
Words in s. 155 inserted (with application in accordance with s. 84(2) of the amending Act) by Finance Act 1999 (c. 16), s. 84(1)
Words in s. 155 added (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 1993, Section 86(2), (Fish Quota) Order 1999 (S.I. 1999/564), arts. 1(1), 3
Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)
Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))
Words in s. 155 substituted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2012 (c. 14), s. 37(1)
Words in Pt. 5 Ch. 1 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(2)
Words in s. 155 inserted (with effect in accordance with s. 61(4) of the amending Act) by Finance Act 2014 (c. 26), s. 61(2)
Words in s. 155 inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 1993, Section 86(2), (Single Payment Scheme) Order 2005 (S.I. 2005/409), arts. 1(1), 2
Words in s. 155 inserted (with effect in accordance with s. 61(4) of the amending Act) by Finance Act 2014 (c. 26), s. 61(3)