Part I Quoted Securities
Taxation of Chargeable Gains Act 1992 (1992 c 12) | Legislation

SCHEDULE 2 Assets Held on 6th April 1965

Section 35

Part I Quoted Securities

Deemed acquisition at 6th April 1965 value

1

(1)     This paragraph applies—

(a)     to shares and securities which on 6th April 1965 had quoted market values on a recognised stock exchange, or which had such quoted market values at any time in the period of 6 years ending on 6th April 1965, and

(b)     to rights of unit holders in any unit trust scheme the prices of which are published regularly by the managers of the scheme.

(2)     For the purposes of this Act it shall be assumed, wherever relevant, that any assets to which this paragraph applies were sold by the owner, and immediately reacquired by him, at their market value on 6th April 1965.

(3)     . . .

Restriction of gain or loss by reference to actual cost

2

(1)     Subject to paragraph 4 below and section 109(4), paragraph 1(2) above shall not apply in relation to a disposal of assets—

(a)     if on the assumption in paragraph 1(2) a gain would accrue on that disposal to the person making the disposal and either a smaller gain or a loss would

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