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HMRC internal manual

Capital Gains Manual

Share identification for corporation tax: relevant securities: definition

Up to 31 March 1996 (for Corporation Tax purposes), or 5 April 1996 (for Income Tax purposes), relevant securities were defined in TCGA92/S108 (1) as

  • securities within the accrued income scheme see CG54500+
  • deep discount securities see CG54600+
  • securities which are, or have at any time been, material interests in a non reporting fund see OFM12000
  • (from 1 April 1996) qualifying corporate bonds, see CG53701.

For advice on QCBs generally, see CG53700 onwards. Note that most QCBs would have been relevant securities even before the definition was extended because they were within the scope of the accrued income scheme, see CG54500+.