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A gain is not a chargeable gain for the purposes of capital gains tax or corporation tax on chargeable gains, if it accrues on the disposal of gilt-edged securities¹. Losses accruing on such a disposal are also not allowable².

Gilt-edged securities are defined for this purpose as those securities specified in TCGA 1992, Sch 9, Pt II, and any such stocks and bonds issued under the National Loans Act 1968, s 12, denominated in sterling and issued after 15 April 1969, as may be specified by statutory instrument³. An updated list appears on the HMRC website at Gilt-edged securities exempt from Capital Gains Tax. Particulars of a Treasury Order specifying a stock must be published in the London and Edinburgh Gazettes as soon as may be after the order is made⁴. The exemption does not apply to Northern Ireland Government securities.

Gilt-strips of the securities listed above (broadly, separate securities representing the right to be paid interest on the associated bond) also comprise gilt-edged securities for this purpose⁵;