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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Insurance agents: `Book' held on 31/3/82: rebasing election

If an election under TCGA92/S35 (5) is in force, you will need only a computation based on the market value at 31 March 1982 for disposals on or after 6 April 1988. If there have been acquisitions or disposals between 31 March 1982 and 5 April 1988, you will need to adjust the allowable expenditure based on the 1982 valuation to take account of those movements. This adjustment is for the purposes of disposals on or after 6 April 1988 only: it does not affect the computations for years up to 1987- 88.