Finance Act 1985

67 Exemption for gilt-edged securities and qualifying corporate bonds. U.K.

(1) In section 67 of the M1 Capital Gains Tax Act 1979 (gains on disposals of gilt-edged securities and corporate bonds held for 12 months not to be chargeable gains)—

(a) in subsection (1) the words from “except” to the end of the subsection shall not apply if the disposal occurs on or after 2nd July 1986; and

(b) subsections (2) and (3) shall not apply in relation to disposals on or after that date F1 .

X1 (2) With respect to disposals occurring on or after 2nd July 1986—

(a) in section 270 of the M2 Taxes Act (charge to tax on certain disposals of United Kingdom securities) at the end of subsection (6) there shall be added the words “or qualifying corporate bonds, within the meaning of section 64 of the Finance Act 1984”;

(b) in section 84 of the Capital Gains Tax Act 1979 (compensation stock), in subsection (4) for paragraphs (a) and (b) there shall be substituted the following paragraphs—

“(a) shall, so far as possible, be identified with securities which were issued to him as mentioned in subsection (1) above rather than with other securities of that kind, and

(b) subject to paragraph (a) above, shall be identified with securities issued at an earlier time rather than with those issued at a later time”and

(c) in Part II of Schedule 13 to the Finance Act 1984 (reorganisations etc. involving qualifying corporate bonds) in paragraph 10(1)(c) for the words from “if” to “that section” there shall be substituted “on that subsequent disposal section 67 of the principal Act”.

Editorial Information

X1 Part of the text of ss. 67(2), 72(6), 90(3)-(5), 91(1) and (3), 92(2)(4), 96(1), Sch. 19 paras. 1(2)(3), 2(2), 3(3), 5(5)( a ), 20(2), Sch. 27 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals that may have been made prior to 1.2.1991

Textual Amendments

F1 S. 67(1) repealed by Finance Act 1986 (c. 41), s. 114(6), Sch. 23 Pt. VII with respect to disposals on or after 2 July 1986

Marginal Citations

M1 1979 c.14

M2 1984 c.43.