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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Gifts: business assets: qualifying corporate bonds

TCGA92/S165 (3) (c)

Gifts of qualifying corporate bonds (which are exempt from Capital Gains Tax) are specifically excluded from hold-over relief where these were acquired in exchange for shares and there is a deferred tax charge on gains accruing on these shares up to the date of exchange.