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HMRC internal manual

Capital Gains Manual

Assets held on 6/4/65: time-apportionment formula


For ALL assets except

  • quoted securities and
  • land with a development value,

see CG15501, the gain accruing after 5 April 1965 should be computed using a time-apportionment formula by reference to straight-line growth of the gain or loss over the period of ownership. (But see CG15578 if the asset was acquired before 6 April 1945). The gain is assumed to have grown at a uniform rate from nothing at the beginning of the period of ownership to its full amount at the time of the disposal. Note that a gain over the period of ownership should be computed by deducting any indexation allowance due on each item of relevant allowable expenditure, see CG17200+