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HMRC internal manual

Capital Gains Manual

Conversion of securities: compensation stock: delay in issue

In some cases there may be a considerable delay between the nationalisation on vesting day and the actual issue of the compensation gilts. This is usually because the amount of the compensation is disputed. In the meantime the shareholder may sell the right to receive the compensation gilts. The sale of such a right should be treated as though it was a sale of gilts acquired on vesting day. Therefore, the sale will release the held over gain, TCGA92/S134 (5).