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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Assets held on 6/4/65: asset derived from another asset: example

In 1946 a farmer became tenant of his farm without making a capital payment on entry. In 1963 he purchased the farm which he sold in 1967.

The period of ownership for the purpose of the time-apportionment formula is taken as running from 1946 not 1963.