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HMRC internal manual

Capital Gains Manual

Debt on security: debts on a security: general

TCGA92/S251 (1)

Debts on a security are chargeable assets in the hands of the original creditor as well as any subsequent holder of the debt.

Before charging any gain, or admitting any loss, you should consider whether the debt on a security is a qualifying corporate bond (QCB). In general, gains arising on QCBs will not be chargeable and losses will not be allowable, see CG53720.