扒哥吃瓜

TCGA92/S35

Special rules applied to assets that were held when CGT and corporation tax on chargeable gains were first introduced on 6 April 1965. Such assets that were still held at 31 March 1982 were necessarily subject to the rules for rebasing to their value at the later date. 

Capital Gains Tax

For CGT purposes the 31 March 1982 value will be used for any disposal from 6 April 2008, so the rules for assets that were held at 6 April 1965 are no longer relevant.

Corporation tax

It is still possible that the rules will apply for corporation tax purposes in certain situations.  This is because the original March 1982 rebasing rules still apply where a company has made a rebasing election under TCGA92/S35(5).  The March 1982 rebasing rules are at CG16700+

• If a rebasing election had been made under TCGA92/S35 (5), see CG16760+.
• If not, then two computations of the gain or loss arising have to be made for the purposes of the kink test, see CG16730+.

The rules for assets held at 6 April 1965 will therefore still be relevant if a company that has not made an election disposes of an asset that it has held since that date because it may affect the result of the kink test.

How to find the detailed guidance

The detailed guidance was removed from this manual in October 2019 but can be found in versions of the manual from before that date. CG10100 explains how to do this.