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HMRC internal manual

Capital Gains Manual

Exemptions: gilt-edged securities, qualifying corporate bonds, certain National Savings products


Gains accruing on the disposal of

  • gilt-edged securities, see CG54900+, or
  • qualifying corporate bonds, see CG53700+, or
  • any option or contract to acquire or dispose of gilt-edged securities or qualifying corporate bonds

are not chargeable gains. Gains accruing on disposals of qualifying corporate bonds and other forms of debt issued by companies may be charged as income, see CG54100 and (for advice on the Corporation Tax treatment of debts) CFM3000+.

Gilt-edged securities are defined in TCGA92/SCH9.


Savings certificates and non-marketable securities issued by the Department of National Savings are exempted from Capital Gains Tax by TCGA92/S121. There is a statutory definition of savings certificates and non-marketable securities in Section 121(2). The exemption covers

  • Savings certificates (fixed interest)
  • Savings certificates (index-linked)
  • Yearly plan certificates
  • Children’s bonus bonds
  • Ulster savings certificates
  • Premium Bonds.