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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Permanent notes

Permanent notes of acquisitions of assets should be kept where it is considered they will be of value. In addition, permanent notes of the following items should be kept on the taxpayer’s record

  • deemed disposals (for example, of partnership goodwill);
  • the amount of unused losses to be carried forward;
  • in the case of part disposals, the balance of the cost allocated to the part of the asset retained, see CG12731;
  • any receipts not yet taken into account for Capital Gains Tax, for example, small capital distributions not subjected to Income Tax or Capital Gains Tax at the date of the distribution by a company to its shareholders, see CG57835+;
  • disposals for deferred consideration, see CG14850+;
  • the amount of Entrepreneurs’ Relief allowed to date, see CG63955;
  • details of gifts hold-over relief claims, see CG66450+;
  • details of roll-over relief on transfer of a business to a company, see CG65700+;
  • the cost of the new holding following a reorganisation or reconstruction of share capital, see CG51730;
  • in the case of trusts, correspondence, including any advice given by Capital Gains Technical Group or Specialist PT Trusts & Estates on the question

    • whether a deed or will gives rise to one settlement or several, see CG33280+, or
    • whether the exercise of a power of appointment or advancement gives rise to a settlement separate from the original one, see CG37800+.