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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Conversion of securities: compensation stock: aircraft/ship building

Special rules apply to the nationalisation of ship building and aircraft companies. Affected shareholders could elect for TCGA92/S134 not to apply. Instead the exchange would be treated as a disposal. However, the gain could then be rolled over against the cost of new business assets which satisfied the ordinary roll-over relief rules of TCGA92/S152. Further guidance can be found in the roll over relief instructions at CG60250.