Qualifying corporate bonds: transitional: qualifying indexed securities
The transitional rules operate on the first disposal after 5 April 1996 of
- the debt, or
- any asset falling to be treated by TCGA92 as the same asset for capital gains purposes.
This disposal is described in the transitional rules as the relevant event`. Disposalincludes redemption of the debt, TCGA92/S251 (2).
A no gain/no loss disposal within TCGA92/S58, see CG22200+, is not treated as a disposalfor this purpose. The transitional rules operate instead on the first disposal by thespouse or civil partner.