(1)The following provisions shall apply, for the purpose of identifying gilt-edged securities disposed of by any person with securities of the same kind acquired by him in the same capacity.
(2)Securities disposed of at an earlier date shall be identified before securities disposed of at a later date, and their identification shall have effect also for determining what securities might be comprised in the later disposal.
(3)Securities disposed of shall be identified with securities acquired within the twelve months preceding the disposal rather than with securities not so acquired, and with securities so acquired at an earlier date rather than with securities so acquired at a later date.
(4)This section has effect subject to section 66(1) above, and 69 below.]
Textual Amendments
F1Ss. 68–70 repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Part VII with respect to disposals on or after 2 July 1986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 1982 (c. 39, SIF 63:2), s. 58(6) in relation to certain index-linked Treasury Stock