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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Assets held on 6/4/65: introduction

TCGA92/SCH2

Before the introduction of rebasing, see CG16700+, Capital Gains Tax on gains accruing after 6 April 1965 was chargeable only to the extent that the gains were attributable to the period after that date. For the purpose of making the attribution, assets are divided into the following three categories, for which specific rules are provided.

  • Quoted securities including units in unit trusts, see CG51641.
  • Land in the United Kingdom which has a development value, see CG15550.
  • All other assets, see CG15570+.

For assets in the first two categories valuation of the assets at 6 April 1965 is required. For all other assets a time-apportionment formula is prescribed, see CG15570+, but the taxpayer has the right to elect for valuation at 6 April 1965, see CG15525.