Incorporation relief applies where a person, who is not a company, transfers a business to a company as a going concern, together with the whole assets of the business (or together with the whole of such assets other than cash) and the transfer is made wholly or partly in exchange for shares issued by the company. In such a case, a chargeable gain on disposal of the old assets does not arise, as there is deemed to be no disposal, but the cost of the new assets is that of the old assets. The legislative provisions are included in section 162 TCGA 1992.
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