http://www.legislation.gov.uk/ukpga/2010/4/section/692Corporation Tax Act 2010An Act to restate, with minor changes, certain enactments relating to corporation tax and certain enactments relating to company distributions; and for connected purposes.texttext/xmlenStatute Law Database2026-05-20Expert Participation2026-03-18 Corporation Tax Act 2010s. 658(1)(d)(e)Finance Act 2010Sch. 6 para. 31Sch. 6 para. 35Corporation Tax Act 2010s. 357CHAFinance Act 2024Sch. 2 para. 14(7)Sch. 2 para. 16(2) Part 14Chapter 46921This Chapter applies if—athere is a change in the ownership of a company with investment business (“the company”), andbthe following are met—condition 1, andconditions 2 and 3 or condition 4.2Condition 1 is that none of conditions A to C in section 677 is met.3Condition 2 is that after the change in ownership the company acquires an asset from another company in circumstances such that—asection 171(1) of TCGA 1992 (no gain/no loss on transfer within group), orbsection 775 of CTA 2009 (tax-neutral transfer within group),applies to the acquisition.4Condition 3 is that—ain a case within subsection (3)(a), a chargeable gain accrues to the company on a disposal of the asset within the period of 5 years beginning with the change in ownership, orbin a case within subsection (3)(b), there is a non-trading chargeable realisation gain on the realisation of the asset within that period.4ACondition 4 is that a chargeable gain on a disposal of an asset within the period of 5 years beginning immediately after the change in ownership (or an amount of such a gain) is treated as accruing to the company by virtue of an election under section 171A of TCGA 1992 (election to reallocate gain or loss to another member of the group).(Accordingly, references in this Chapter to the accrual of a relevant gain are to be read in the light of section 171B(2) and (3) of TCGA 1992.)5For the purposes of subsection (4), an asset (P) acquired by the company as mentioned in subsection (3) is treated as the same as an asset (Q) owned at a later time by the company if the value of Q is derived in whole or in part from P.6In particular, P is treated as the same as Q for those purposes if—aQ is a freehold,bP was a leasehold, andcthe lessee has acquired the reversion.7In this Chapter—“the change in ownership” means the change in ownership mentioned in subsection (1),“the company” has the same meaning as in this section,“non-trading chargeable realisation gain” means a chargeable realisation gain (within the meaning of Part 8 of CTA 2009 (intangible fixed assets)) which is a non-trading credit for the purposes of that Part (see section 746 of that Act),“realisation” has the meaning given by section 734 of CTA 2009, and“the relevant gain” means the gain (or amount of a gain) within subsection (4)(a) or (b) or (4A) .S. 692(4A) inserted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 84(4) (with Sch. 4 para. 84(6))S. 692(1)(b) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 84(2) (with Sch. 4 para. 84(6))Word in s. 692(4)(a) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 84(3) (with Sch. 4 para. 84(6))Words in s. 692(7) substituted (with effect in accordance with Sch. 4 para. 190 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 4 para. 84(5) (with Sch. 4 para. 84(6))Pt. 14 applied (1.4.2022 in relation to accounting periods beginning on or after that date) by Finance Act 2022 (c. 3), s. 51(1), Sch. 7 para. 20Pt. 14 applied (with modifications) (14.7.2022) by Energy (Oil and Gas) Profits Levy Act 2022 (c. 40), Sch. 1 para. 18 (with ss. 15(1), 16(1), 17)