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HMRC internal manual

Capital Gains Manual

Groups: rebasing: group elections out of the kink test: general

The effect of an election out of the kink test under TCGA92/S35 (5) is that where, on or after 6 April 1988, a person disposes of an asset held on 31 March 1982 the gain or loss is computed solely by reference to 31 March 1982 market value. The kink test comparison by reference to the actual cost of the asset does not apply.