124 New identification rules for CGT
Finance Act 1998 (1998 c 36) | Legislation

124  New identification rules for CGT

(1)     After section 106 of the Taxation of Chargeable Gains Act 1992 there shall be inserted the following section—

“106A Identification of securities: general rules for capital gains tax

(1)     This section has effect for the purposes of capital gains tax (but not corporation tax) where any securities are disposed of by any person.

(2)     The securities disposed of shall be identified in accordance with the following provisions of this section with securities of the same class that have been acquired by the person making the disposal.

(3)     The provisions of this section have effect in the case of any disposal notwithstanding that some or all of the securities disposed of are otherwise identified—

(a)     by the disposal, or

(b)     by a transfer or delivery giving effect to it;

but where a person disposes of securities in one capacity, they shall not be identified under those provisions with any securities which he holds, or can dispose of, only in some other capacity.

(4)     Securities disposed of on an earlier date shall be identified before securities disposed of on a later date; and, accordingly, securities disposed of by a later disposal shall not be identified

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