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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Groups: indexation on no gain/loss disposals: assets held on 31/3/82

The rules giving indexation on 31 March1982 market value are initially in terms of disposals by the person who held the asset on 31 March 1982. Without further provision these rules would not give the benefit of indexation on 31 March 1982 market value where a person making a disposal acquired the asset at no gain/no loss after 31 March 1982 from the person who held the asset on that date. TCGA92/S55 (5) and (6) accordingly provide that a person making a disposal which is not a no gain/no loss disposal is treated as having held the asset on 31 March 1982 if

  • that person acquired the asset after 31 March 1982, and
  • the disposal when the asset was acquired, and any previous disposal of the asset after 31 March 1982, was a no gain/no loss disposal.The relevant no gain/no loss disposals are listed in TCGA92/S35 (3)(d), together with TCGA92/S257 (2) and TCGA92/S259 (2).