CG50222 - Definitions: security: share identification rules

The definition in TCGA92/S104 (3) includes the word that it is seeking to define. The reason for this is that the share identification rules are intended to apply to all fungible assets such as shares, securities and foreign currency. The term security is a convenient way of describing all these assets. A fungible asset is one in which it is not possible to identify the individual components of a holding because they are identical. For example, all ICI ordinary shares are the same. If a person sells some of their shares, they can not identify which shares have been sold.