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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Securities: debts: what is a debt: secured debts

The debt may be described as `secured’ on an asset, or assets, of the borrower. This simply means that, if the borrower fails to pay, the lender has rights over the asset, or assets, put up as security for the debt. Mortgages on private houses, for example, are usually secured on the house itself. It does not matter, for capital gains purposes, whether a debt is a secured debt, or not. You should note, however, that a secured debt is not the same as `the debt on a security’.