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HMRC internal manual

Capital Gains Manual

Definitions: quoted and listed shares etc.: history

Before April 1996 TCGA92/S288(4) contained the definition of the terms ‘quoted on a stock exchange in the United Kingdom’ and ‘quoted on a recognised stock exchange in the United Kingdom’. They were to be taken as references to listing on the Official List of the Stock Exchange (SEDOL), see CG50255. After 26 August 1996 SEDOL no longer necessarily showed a daily quoted price for all shares and securities listed so some shares or securities may now be ‘listed’, but not ‘quoted’, on SEDOL.

In order to accommodate these changes to Stock Exchange practices, a number of provisions in TCGA and in the Tax Acts were amended by Finance Act 1996 so that they referred to a share or security being ‘listed’ rather than ‘quoted’. Further detail on these changes is given at CG50275+.

For the meaning of the term ‘recognised stock exchange’, see CG50250 above.