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HMRC internal manual

Capital Gains Manual

Transfer creates a new asset


A transfer of value does not include the transfer of an asset created by the part disposal of another asset, TCGA92/Sch4B/para13(3). This rule does not apply to part disposals generally such as a part disposal of shares from a section 104 holding. It will apply to the creation of a lease. This is a part disposal of the freehold interest and TCGA92/Sch4B/para13(3) applies. The freehold is the asset for the purposes of TCGA92/Sch4B/para2(1)(b) is and not the leasehold. See CG39165 for the treatment of the grant of leases.