Taxpayers can elect for their chargeable gains and allowable losses on all assets held at 31 March 1982 to be calculated by reference to 31 March 1982 values: this effectively excludes the special kink-test rules which may or may not result in re-basing and is sometimes referred to as the simplified re-basing scheme (see ¶520-400). It relieves those who make the election of the need to maintain records going back beyond that date and it will simplify their tax computations.

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