Section 599 of the Principal Act is amended -

(a) by the insertion of the following subsection after subsection (4):

"(4A)

(a) In this subsection -

'deferred capital gains tax' means capital gains tax arising on a relevant disposal which is deferred in accordance with paragraph (c);

'relevant disposal' means a disposal of qualifying assets referred to in subparagraph (v) of subsection (1) (b), in respect of which capital gains tax remains chargeable in accordance with that subparagraph;

'retention period', in relation to a relevant disposal, means the period beginning on the date on which an individual makes the relevant disposal and ending on the twelfth anniversary of that date.

(b) This subsection shall apply to an individual who makes a relevant disposal to his or her child on or after 1 January 2025.

(c) An individual to whom this subsection applies may make a claim to defer payment of the capital gains tax chargeable in respect of a relevant disposal in the return required to be delivered by that individual under Chapter 3 of Part 41A for the year of assessment in which the relevant disposal is made.

(d) Where assets comprised in a relevant disposal, in respect of which a claim under paragraph (c) has been made -