Commentary

C2.702 Definitions

Capital gains tax
Capital gains tax | Commentary

C2.702 Definitions

Capital gains tax | Commentary

C2.702 Definitions

References to capital gains tax mean tax on chargeable gains assessed on individuals and trustees. References to corporation tax means tax on chargeable gains charged on companies.

For the purpose of identifying disposals with acquisitions there is a special definition of securities. It means shares or securities of a company and other assets of a fungible nature, but does not include relevant securities1. For the purpose of rules regarding reorganisation of a company's shares, a different definition applies, see D6.211.

'Assets of a fungible nature' means assets of a nature which can be dealt in without identifying the particular assets

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