capital gains tax

My brother is about to buy a business with the profits he made from selling his old business last year.

He claims that, by doing this he will not have to pay any Capital Gains Tax on the profits he made on selling his previous business.

Sounds dodgy to me. Has anyone else heard about this ?

If it is true, then why can't we do the same by selling an investment property or shares and then turn around and purchase other investments with the profits without paying Capital Gains Tax. Or can we ??

(By the way, i WOULD ask my brother to explain this to me himself, but we have only spoken once in the last 4 years....long story. The above info was obtained through my parents)