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HMRC internal manual

Capital Gains Manual

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.