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Assets held on 31 March 1982—introduction

C2.601 Assets held on 31 March 1982—overview

Special computational rules apply where a person disposes of an asset which they held on 31 March 1982. The effect, broadly, is to treat the taxpayer as if they had acquired the asset on that date, so that the deduction of acquisition costs in the computation is replaced by a deduction of the market value of the asset on 31 March 1982.

The date of 31 March 1982 was adopted for rebasing because indexation of capital gains, as originally enacted, also had effect from March 1982. The introduction of rebasing therefore resulted broadly in the full indexation of gains and losses, because it took account of movements in value before April 1982. Full indexation is no longer available, however, because indexation allowance is not available to individuals, trustees and personal representatives for disposals on or after 6 April 2008. For companies, indexation allowance is frozen from 1 January 2018 so for disposals on or after this date the allowance is calculated