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HMRC internal manual

Capital Gains Manual

Administration: insolvency: distributions in kind

TCGA92/S17 (1)

The liquidator may distribute assets such as real property, shares and securities andchattels without turning them into cash. When this happens, there is for Capital Gainspurposes

  • a disposal by the liquidator of those assets for a consideration which is deemed to be equal to their respective market values
  • an acquisition of those assets by the shareholders at the same market values
  • a disposal by each shareholder of shares in the company for a consideration which includes the market value of the assets received in kind.