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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Deep discount securities: conversion of securities and share exchanges

If other consideration is received the amount charged under TCGA92/S128 (3), see CG51875, is reduced by the accrued income charged under the deep discount security legislation. If the accrued income is greater than the consideration received the excess is treated as enhancement expenditure incurred at the time of the transaction.