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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Groups: restriction of indexation allowance: outline

A debt is an asset for capital gains purposes. The creditor may dispose of it by receiving repayment, or by assigning the debt to another person, or by a deemed disposal if the debt becomes valueless. However unless the debt is a debt on a security, see CG53420+, no chargeable gain or allowable loss arises to the original creditor because of TCGA92/S251 (1).