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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Debt on a security: essential characteristics of: sold at a profit

Whether a debt can be realised at a profit will depend, in part, on the premium, or rate of interest which the debt carries. But even if a debt carries an attractive rate of interest, it may not be regarded as a worthwhile investment by a potential purchaser. For example, the terms of the loan may enable the borrower to repay the debt early. A potential purchaser would need to consider whether the loan would last long enough to cover the costs of acquisition, and obtain a worthwhile return on the investment.