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D1.920 Identification rules for disposals by companies of shares or securities

A transaction in shares usually relates to a specified number of shares of a particular class, not to specific shares. To calculate a capital gain or loss on a disposal it is necessary to match the shares that are sold out of the holding of shares in that class with purchases, particularly where a holding has been built up over a period or where only part of a holding has been sold.

The rules described in this article relate to disposals of securities, which are defined to include shares or securities of a company and any other assets of a nature to be dealt in without identifying the particular assets disposed of or acquired. Different rules apply to 'relevant securities' (see below). Shares are of the same class if they are so treated by the practice of a recognised stock exchange or would be so treated if they were dealt in on that exchange¹.

The rules apply to a disposal