CG50229 - Definitions: security: summary

The normal share identification rules in Chapter I Part IV TCGA 1992 apply to all shares, securities and other fungible assets collectively called securities except for those `relevant securities' to which the separate identification rules apply, TCGA92/S104.

The definition of relevant securities in TCGA92/S108 will exclude most securities from the normal share identification rules, except for disposals of securities by taxpayers within the charge to Capital Gains Tax from 1998-99 onwards.

The narrower definition of security in TCGA92/S132(3)(b) uses the word to mean loan capital as opposed to share capital. It defines the extent to which loan capital will be a chargeable asset.