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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Qualifying corporate bonds: transitional: qualifying indexed securities

On the relevant event, you should compute the chargeable gain or allowable loss which would have accrued to the person holding the asset at 5 April 1996 as if they had sold it at that date for a consideration equal to its market value at that date. This gain or loss is then charged, or allowed, on the person making the disposal in the year of assessment in which the relevant event occurs.