When tax on chargeable gains was introduced in April 1965, an attempt was made to bring into account only those gains which accrued thereafter; in particular, the regime permitted the following (see further ¶520-750ff.):

elections for quoted shares to be divided into certain pools at their 1965 value; and

subject to an election to use the 1965 value, time apportionment of a gain based on historical cost.

The use of these provisions is less prevalent after the introduction of re-basing to 31 March 1982 since they arise only in relation to the ‘kink-test’ in determining whether re-basing applies (see ¶520-350ff.).

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