Capital Gains Tax Act 1979 (repealed 6.3.1992)

13 (1) This paragraph has effect as respects shares held by any person on 6th April 1965 other than shares which are to be treated under this Act as if disposed of and immediately re-acquired by him on that date.

(2) Section 65 of this Act (pooling of shares and other assets) shall not apply in relation to the shares while that person continues to hold them and, in particular, shall not apply in relation to a disposal of the shares by him.

(3) For the purpose of—

(a) identifying the shares so held on 6th April 1965 with shares previously acquired, and

(b) identifying the shares so held on that date with shares subsequently disposed of, and distinguishing them from shares acquired subsequently,

so far as the shares are of the same class shares bought at [F1 a later time] shall be deemed to have been disposed of before shares bought at [F1 an earlier time].

(4) Sub-paragraph (3) above has effect subject to section 66 of this Act (disposal on or before day of acquisition).

(5) Shares shall not be treated for the purposes of this paragraph as being of the same class unless if dealt with on a recognised stock exchange in the United Kingdom or elsewhere they would be so treated, but shall be treated in accordance with this paragraph notwithstanding that they are identified in a different way by a disposal or by the transfer or delivery giving effect to it.

(6) This paragraph, without sub-paragraph (5), shall apply in relation to any assets, other than shares, which are of a nature to be dealt with without identifying the particular assets disposed of or acquired.

Textual Amendments

F1 Words substituted by Finance Act 1982 (c. 39, SIF 63:2), s. 88(8) and Sch. 13 para. 11 with respect to securities acquired before 6 April 1982 or in the case of a company, 1 April 1982