Taxation of Chargeable Gains Act 1992 Schedule 2 paragraph 1

Deemed acquisition at 6th April 1965 value

Schedule 2 paragraph 1 establishes a deemed sale and reacquisition at market value on 6th April 1965 for certain quoted shares, securities, and unit trust holdings, effectively rebasing their cost for capital gains tax purposes.

• Applies to shares and securities that were quoted on a recognised stock exchange on 6th April 1965, or at any time in the preceding six years
• Also applies to unit trust holdings where prices are regularly published by the scheme managers
• The owner is treated as having sold and immediately reacquired the assets at their market value on 6th April 1965
• These pre-1965 quoted shares are not pooled with later acquisitions, as the share pool was frozen in 1982