Section 151BA: CITR: identification of securities or shares on a disposal, Taxation of Chargeable Gains Act 1992

This section applies for the purpose of identifying the securities or shares disposed of in any case where—

an individual or company ("the investor") disposes of part of a holding of securities or shares ("the holding"), and

the holding includes securities or shares to which CITR is attributable in respect of one or more years of assessment or accounting periods that have been held by the investor continuously from the time they were issued until the disposal.

Any disposal by the investor of securities or shares included in the holding which have been acquired by the investor on different days is treated as relating to those acquired on an earlier day rather than to those acquired on a later day.

If there is a disposal by the investor of securities or shares included in the holding which have been acquired by the investor on the same day, any of those securities or shares—

to which CITR is attributable, and

which have been held by the investor continuously from the time they were issued until the time of disposal,

are treated as disposed of after any other securities or shares included in the holding which were acquired by the investor on that day.

Chapter 1 of Part 4 (share pooling, etc) has effect subject to this section.

Sections 104 to 107 (which make provision for the identification of securities and shares on a disposal) do not apply to securities or shares to which CITR is attributable.

In a case to which section 127 (equation of original shares and new holding) applies, shares included in the new holding are treated for the purposes of subsections (2) and (3) as acquired when the original shares were acquired.

In subsection (8)—

the reference to section 127 includes a reference to that section as it is applied by virtue of any enactment relating to chargeable gains, and

"original shares" and "new holding" have the same meaning as in section 127, or (as the case may be) that section as applied by virtue of the enactment in question.

In this section and sections 151BB and 151BC—

if the investor is an individual—

"CITR" has the meaning given by section 333 of ITA 2007,

references to CITR being attributable to securities, shares or debentures are to be read in accordance with section 357 of that Act, and

references to securities, shares or debentures having been held by the investor continuously are to be read in accordance with section 380 of that Act,

if the investor is a company—

"CITR" means relief under Part 7 of CTA 2010,

references to CITR being attributable to securities, shares or debentures are to be read in accordance with section 240 of that Act, and

references to securities, shares or debentures having been held by the investor continuously are to be read in accordance with section 267 of that Act.

Section 151BA: CITR: identification of securities or shares on a disposal

Discussed in

About this text