CG15500 - Assets held on 6/4/65

TCGA92/S35

Special rules applied to assets that were held when CGT and corporation tax on chargeable gains were first introduced on 6 April 1965. Such assets that were still held at 31 March 1982 were necessarily subject to the rules for rebasing to their value at the later date. 

Capital Gains Tax

For CGT purposes the 31 March 1982 value will be used for any disposal from 6 April 2008, so the rules for assets that were held at 6 April 1965 are no longer relevant.

Corporation tax

It is still possible that the rules will apply for corporation tax purposes in certain situations.  This is because the original March 1982 rebasing rules still apply where a company has made a rebasing election under TCGA92/S35(5).  The March 1982 rebasing rules are at CG16700+

• If a rebasing election had been made under TCGA92/S35 (5), see CG16760+.
• If not, then two computations of the gain or loss arising have to be made for the purposes of the kink test, see CG16730+.

The rules for assets held at 6 April 1965 will therefore still be relevant if a company that has not made an election disposes of an asset that it has held since that date because it may affect the result of the kink test.

How to find the detailed guidance

The detailed guidance was archived in October 2019 but can be found in versions of the manual from before that date held in the National Archives.

The archived guidance is arranged as shown below

CG15500	Assets held on 6/4/65:
CG15501	Assets held on 6/4/65: introduction
CG15510	Assets held on 6/4/65: capital allowances
CG15520	Assets held on 6/4/65: historical cost
CG15525	Assets held on 6/4/65: election for valuation on 6/4/65 irrevocable
CG15526	Assets held on 6/4/65: submission to valuer
CG15527	Assets held on 6/4/65: formal election
CG15529	Assets held on 6/4/65: late elections
CG15530	Assets held on 6/4/65: charge under TCGA92 S178
CG15531	Assets held on 6/4/65: restriction of losses
CG15532	Assets held on 6/4/65: part-disposals
CG15550	Assets held on 6/4/65: land with development value
CG15570	Assets held on 6/4/65: time-apportionment formula
CG15572	Assets held on 6/4/65: time-apportionment formula: example
CG15573	Assets held on 6/4/65: additional expenditure
CG15574	Assets held on 6/4/65: relevant date
CG15575	Assets held on 6/4/65: relevant date: example
CG15576	Assets held on 6/4/65: alternative apportionment of overall gain
CG15577	Assets held on 6/4/65: alternative apportionment of overall gain: example
CG15578	Assets held on 6/4/65: limit of period of apportionment
CG15579	Assets held on 6/4/65: additional expenditure after 5/4/65
CG15585	Assets held on 6/4/65: transferred to close companies
CG15590	Assets held on 6/4/65: part-disposal before 6/4/65
CG15600	Assets held on 6/4/65: part-disposals after 5/4/65
CG15601	Assets held on 6/4/65: part-disposals after 5/4/65: example
CG15602	Assets held on 6/4/65: part-disposals after 5/4/65: example
CG15603	Assets held on 6/4/65: part-disposals after 5/4/65: example
CG15610	Assets held on 6/4/65: only or main residence
CG15611	Assets held on 6/4/65: asset derived from another asset
CG15612	Assets held on 6/4/65: asset derived from another asset: example
CG15620	Assets held on 6/4/65: asset acquired under an option