# Capital Gains Tax Act 1979 (repealed 6.3.1992), Paragraph 4

Extent: E+W+S+N.I.

(1) If a person so elects, quoted securities covered by the election shall be excluded from paragraphs 2 and 3 above (so that neither paragraph 1(2) above nor section 65 of this Act is excluded by those paragraphs as respects those securities).
(2) An election made by any person under this paragraph shall be as respects all disposals made by him at any time, including disposals made before the election but after 19th March 1968—
(a) of quoted securities of kinds other than fixed-interest securities and preference shares, or
(b) of fixed-interest securities and preference shares,
and references to the quoted securities covered by an election shall be construed accordingly.
Any person may make both of the elections.
(3) An election under this paragraph shall not cover quoted securities which the holder acquired on a disposal after 19th March 1968 in relation to which either of the following enactments (which secure that neither a gain nor a loss accrues on the disposal) applies, that is—
(a) section 44 of this Act (disposals between husband and wife),
(b) section 273(1) of the Taxes Act 1970 (disposals within a group of companies),
but this paragraph shall apply to the quoted securities so held if the person making the original disposal (that is to say the wife or husband of the holder, or the other member of the group of companies) makes an election covering quoted securities of the kind in question.
For the purpose of identifying quoted securities disposed of by the holder with quoted securities acquired by him on a disposal in relation to which either of the said enactments applies, so far as they are of the same class, quoted securities acquired at an earlier time shall be deemed to be disposed of before quoted securities acquired at a later time.
(4) For the avoidance of doubt it is hereby declared—
(a) that where a person makes an election under this paragraph as respects quoted securities which he holds in one capacity, that election does not cover quoted securities which he holds in another capacity, and
(b) that an election under this paragraph is irrevocable.
(5) An election under this paragraph shall be made by notice in writing to the inspector not later than the expiration of two years from the end of the year of assessment or accounting period of a company in which the first relevant disposal is made, or such further time as the Board may allow.
(6) Subject to paragraph 5 below, in this paragraph the “first relevant disposal”, in relation to each of the elections referred to in sub-paragraph (2) of this paragraph, means the first disposal after 19th March 1968 by the person making the election of quoted securities of the kind covered by that election.
(7) All such adjustments shall be made, whether by way of discharge or repayment of tax, or the making of assessments or otherwise, as are required to give effect to an election under this paragraph.

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Source: https://www.legislation.gov.uk/ukpga/1979/14/schedule/5/paragraph/4 (the official version)
Page: https://openlegislation.uk/capital-gains-tax-act-1979-repealed-631992/schedule-5/paragraph-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.