555-000 Shares, securities and options: definitions
Incorporeal property, i.e. property which comprises rights in law and which therefore has no physical existence, is specifically included as an asset for the purposes of chargeable gains (TCGA 1992, s. 21(1)(a)); see ¶508-000 and ¶508-050. The present division concentrates on three important types of incorporeal property – shares securities and options – and the detailed rules laid down for them in TCGA 1992, Pt. IV.
Meaning of ‘shares’
‘Shares’ are defined to include stock (TCGA 1992, s. 288(1)) but, otherwise, there is no statutory definition for the purposes of chargeable gains.