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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
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Assets held on 6/4/65: part-disposals

TCGA92/SCH2/PARA17 (5)Where, between 6 April 1965 and the date of disposal, there has been a part-disposal in relation to which the market value of the part of the asset not then disposed of has been determined, see CG12730+, no election for valuation on 6 April 1965 may be made on the subsequent disposal of the remainder of the asset or any part of it. This means

  • an election must be made on the first disposal or part-disposal of any asset,
  • if it is not made then, it cannot be made in relation to that particular asset or the remainder of it on any subsequent disposalWhere, on a part-disposal of an asset, an election for the valuation of the asset on 6 April 1965 has been made, it is binding on all subsequent part-disposals of the same asset.