Taxation of Chargeable Gains Act 1992 Schedule 11 paragraph 7

References to the London Stock Exchange before 25th March 1973 and Exchange Control restrictions before 13th December 1979

Section 272, Schedule 11, paragraph 7 deals with how market values of assets are determined for capital gains purposes when the valuation date falls before 25th March 1973 (when separate UK stock exchanges existed) or before 13th December 1979 (when exchange control restrictions applied).

• Before 25th March 1973, the various stock exchanges in Great Britain and Ireland had not yet been amalgamated, so the standard valuation rules in section 272 are modified to refer to the London Stock Exchange and other UK stock exchanges rather than the single unified Stock Exchange that existed from that date onwards.
• References to the Stock Exchange Daily Official List are replaced with references to the Stock Exchange Official Daily List, which was the name used before amalgamation.
• Where a more active market existed on another UK stock exchange rather than on the London Stock Exchange, that alternative exchange could be used for valuation purposes instead.
• Before 13th December 1979, if an asset was subject to exchange control restrictions under the Exchange Control Act 1947, the market value must be adjusted to reflect the difference between what a purchaser would pay and what a seller would actually be allowed to retain.