OT30200 - Capital Gains

Rebasing of Assets Held at 31 March 1982.

The general rules on rebasing are to found at CG16700+.

FA88 introduced general rules for disposals on or after 6 April 1988 requiring gains (or losses) on the disposal of assets held at 31 March 1982 to be computed by reference to their value at that date, subject to certain limitations. Because of high oil prices in 1982, gains on oil licences and related assets will be computed more often by reference to their 31 March 1982 value, while allowable losses will generally be restricted to original cost, subject to limitation for capital allowances which were, or could have been, claimed (TCGA92\s41(2)).