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HMRC internal manual

Capital Gains Manual

Computation: IT: assets acquired from person liable CVII of Sch.D

TCGA92/SCH11/PARA11 (2)An asset may have been acquired in circumstances where the person making the disposal was chargeable under Case VII of Schedule D. This could apply for years up to and including 1970-71. The amount taken as the cost of the asset for the purposes of a Capital Gains Tax charge on the person who then acquired it (for example as a gift) should not be greater than the value taken into account for Case VII purposes.