When capital gains tax was first introduced from 6 April 1965, tax was only to be charged on gains which had arisen from that date. This was normally achieved by taking the whole gain that had arisen over the ownership of the asset and apportioning it on a time basis to determine the amount in respect of the period after 6 April 1965. An alternative approach was for the taxpayer to elect to be treated as if the asset had been acquired at 6 April 1965 for its market value at that date. In certain cases, a deemed acquisition at 6 April 1965 was mandatory.

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