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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Deep discount securities: qualifying corporate bonds

If the relevant conditions in TCGA92/S117 are satisfied a deep discount security will be a qualifying corporate bond (QCB) and, therefore, exempt from Capital Gains Tax. It is likely that many deep discount securities will be QCBs. For instructions on QCBs see CG53700+. The instructions at CG54602-CG54610 only apply to deep discount securities which remain chargeable to Capital Gains Tax.