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HMRC internal manual

Capital Gains Manual

Securities: Accrued Income Scheme: conversion of securities

TCGA92/S119 (10)A conversion of securities within TCGA92/S132 or exchange of securities within TCGA92/S135 or TCGA92/S136 will not be treated as a disposal for Capital Gains Tax purposes. For instructions on conversions see CG55004 and share exchanges CG52521 onwards. However these events can be transfers for Accrued Income Scheme purposes either under the general rules of the scheme or under the specific provisions of ICTA88/S710 (13) and ICTA88/S711 (6).

For Capital Gains Tax purposes conversions and securities are dealt with as follows.