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HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
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Close companies: transfers at undervalue: Asset held at 31/3/82

If the asset was held at 31 March 1982 the effect of TCGA92/S125 depends upon whether the gain is computed by reference to the 31 March 1982 value or original cost.

  • 31 March 1982 value - Section 125 only applies to transfers after 31 March 1982.
  • Original cost - Section 125 applies to transfers after 6 April 1965.