Commentary

C2.719 Quoted securities held at 6 April 1965

Capital gains tax
Capital gains tax | Commentary

C2.719 Quoted securities held at 6 April 1965

Capital gains tax | Commentary

C2.719 Quoted securities held at 6 April 1965

The legislation described in this article does not apply to capital gains tax disposals after 5 April 2008, but it continues to apply for corporation tax purposes. The rules in C2.601 apply.

'Quoted securities' are securities which on 6 April 1965 had quoted market prices on a recognised stock exchange (or which had such quoted market prices at any time in the period of six years ending on that date) and units in a unit trust whose prices are regularly published by the managers1.

'Fixed interest security' includes any loan stock or similar security whether of the Government of the UK or any other Government or of any local authority in the UK or elsewhere or of any company, and whether secured or unsecured2.

'Preference share' means any share of which the holder has a right to a dividend at a fixed rate or at a rate fluctuating in accordance with the basic rate of income tax, but has no other right to share in the profits of the company3.

Quoted securities held at 6 April 1965 (on the introduction of CGT) are deemed to have been sold and reacquired on that date at their market value4; this means that on a subsequent

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