Roll-over relief

Warning:

This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

End of attention

If automatic roll-over relief applies see Roll-over relief the transferor must give the transferee a notice containing enough information for the transferee to work out how the UCA rules apply to the depreciating asset. Generally, this needs to be done within six months of the end of the transferee's income year in which the balancing adjustment event occurred. The transferee must keep a copy of the notice for five years after:

• the asset is disposed of, or
• the asset is lost or destroyed

whichever happens earlier. If a transferor and transferee jointly choose roll-over relief, the decision must be in writing and must contain enough information for the transferee to work out how the UCA rules apply to the depreciating asset. Generally, the choice needs to be made within six months of the end of the transferee's income year in which the balancing adjustment event occurred. The transferor must keep a copy of the agreement for five years after the balancing adjustment event occurred. The transferee must keep a copy for five years after the next balancing adjustment event that occurs to the asset.