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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Retirement benefits schemes: exemption: local authorities

Where following amalgamation, reconstruction, or cessation of local authorities, assets are transferred from the superannuation fund of one local authority to another, no attempt should be made to attach any capital gains liability to the transaction. The cost to the receiving fund of the assets concerned should be taken as being the cost to the fund transferring them.