Income Tax (Earnings and Pensions) Act 2003 section 61A

Securities disposed of for more than market value

Section 61A provides an exemption from the rules on securities disposed of for more than market value where those securities were acquired on or before 6th April 1976.

• Chapter 3D of Part 7 deals with situations where securities are disposed of for more than their market value
• This section creates a blanket exemption for securities acquired on or before 6th April 1976
• The exemption applies equally to securities themselves and to any interest in securities
• No tax charge under the disposal for more than market value rules can arise in respect of these older holdings