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Capital Gains Tax Act 1979 (repealed 6.3.1992)
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Changes over time for: Section 66
Version Superseded: 06/03/1992
Alternative versions:
- 01/02/1991- Amendment
- 01/02/1991
Point in time - Stop date 06/03/1992- Amendment
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There are currently no known outstanding effects for the Capital Gains Tax Act 1979 (repealed 6.3.1992), Section 66.
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66 Disposal on or before day of acquisition. U.K.
(1)The following provisions shall apply where securities of the same kind are acquired or disposed of by the same person on the same day and in the same capacity—
(a)all the securities so acquired shall be treated as acquired by a single transaction and all the securities so disposed of shall be treated as disposed of by a single transaction, and
(b)all the securities so acquired shall, so far as their quantity does not exceed that of the securities so disposed of, be identified with those securities.
(2)Where the quantity of the securities so disposed of exceeds the quantity of the securities so acquired, then so far as the excess—
(a)is not required by paragraph 2(2), 3(3) or 13(3) of Schedule 5 to this Act to be identified with securities held on or acquired before 6th April 1965, and
(b)cannot be treated under section 65 above as diminishing a holding,
it shall be treated as diminishing a quantity subsequently acquired, and a quantity so acquired at an earlier date, rather than one so acquired at a later date.
(3)Shares shall not be treated for the purposes of this section as being of the same kind unless they are treated as being of the same class by the practice of a recognised stock exchange in the United Kingdom or elsewhere or would be so treated if dealt with on such a stock exchange.
(4)In this section “securities” includes shares and any assets dealt with without identifying the particular assets disposed of or acquired, [F1and in the case of gilt-edged securities subsection (2) above has effect subject to section 68 below].
Textual Amendments
F1Words repealed by Finance Act 1985 (c. 54), ss. 67(1), 98(6) and Sch. 27 Part VII with respect to disposals on or after 2 July 1986
Modifications etc. (not altering text)
C1See Finance Act 1985 (c. 54), s. 68(3)(c) and Sch. 19 para. 17(2)
C3S. 66 modified by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 440A(5) (as substituted by Finance Act 1990 (c. 29, SIF 63:1), s. 41, Sch. 6 para. 8)
C4See Finance Act 1985 (c. 54), s. 68(3)(c) and Sch. 19 para. 18
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