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HMRC internal manual

Capital Gains Manual

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HM Revenue & Customs
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Shares and Securities: Definitions and share issues: Stock Exchanges: Quoted/unquoted and listed/unlisted: Definitions: quoted and unquoted shares and securities: valuations

The valuation provisions of TCGA 1992 differ according to whether a share or security is quoted or not (TCGA92/S272 and TCGA92/S273). ‘Quoted’ should be interpreted as meaning ‘listed at a price’, and in the context of the London Stock Exchange, means ‘listed at a price on SEDOL’, TCGA92/S272(3).

Shares and securities which are listed on SEDOL, but for which no price quote is given should be treated as unquoted for valuation purposes. Shares and securities traded on the Alternative Investment Market (AIM) are treated as neither listed nor quoted, see CG50255.

It may not always be clear from the return or computation whether a share or security is quoted. In particular the initials PLC after a company’s name do not mean it is quoted. If you are in any doubt refer to information published by Interactive Data (formerly Extel). This includes all shares and securities which were listed on the Stock Exchange at 31 March 1982 and additional securities created after that date.

All valuations of unquoted shares or securities should be submitted to Shares and Assets Valuation, see CG59540+, except in the limited circumstances mentioned in CG13131.