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HMRC internal manual

Capital Gains Manual

Qualifying corporate bonds: relevant discounted securities: introduction

For many debts becoming relevant discounted securities, any latent gain or loss up to 5 April 1996 simply becomes part of the eventual profit or loss taken into account in the income regime, when the debt is redeemed or otherwise disposed of. However, in some circumstances, transitional rules operate to keep any gain or loss on the debt up to 5 April 1996 within the capital gains regime. Advice on these transitional rules is at CG54230+.