Statement of Practice 5 (1989)
Published 25 March 1989
© Crown copyright 1989
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Under TCGA 1992 s 35, Sch 3 (FA 1988 s 69, Sch 8) a person is treated as having held an asset at 31 March 1982 if he acquired it after that date by a transfer, or series of transfers, treated as giving rise to neither a gain nor a loss for Capital Gains purposes, from someone who did hold it at that date. Shares or securities of the same class in any company which are acquired in this way will be added to any shares or securities of the same class in the same company held by the transferee at 31 March 1982. Where, for rebasing and indexation purposes, it is necessary to determine the market value of the shares or securities at 31 March 1982 they will be valued as a single holding.
If the shares or securities in the relevant disposal represent some but not all of those valued at 31 March 1982 then the allowable cost or indexation allowance as appropriate will be based on the proportion that the shares or securities disposed of bears to the total holding.
The no gains/no loss transfers relevant in this context are those listed in TCGA 1992 s 35(3)(d) .(FA 1988 s 69, Sch 8).