Section 66 Disposal on or before day of acquisition.C4C1C2
United Kingdom
The following provisions shall apply where securities of the same kind are acquired or disposed of by the same person on the same day and in the same capacity—
all the securities so acquired shall be treated as acquired by a single transaction and all the securities so disposed of shall be treated as disposed of by a single transaction, and
all the securities so acquired shall, so far as their quantity does not exceed that of the securities so disposed of, be identified with those securities.
Where the quantity of the securities so disposed of exceeds the quantity of the securities so acquired, then so far as the excess—
is not required by paragraph 2(2), 3(3) or 13(3) of Schedule 5 to this Act to be identified with securities held on or acquired before 6th April 1965, and
cannot be treated under section 65 above as diminishing a holding,
it shall be treated as diminishing a quantity subsequently acquired, and a quantity so acquired at an earlier date, rather than one so acquired at a later date.
Shares shall not be treated for the purposes of this section as being of the same kind unless they are treated as being of the same class by the practice of a recognised stock exchange in the United Kingdom or elsewhere or would be so treated if dealt with on such a stock exchange.
In this section “securities” includes shares and any assets dealt with without identifying the particular assets disposed of or acquired, F1and in the case of gilt-edged securities subsection (2) above has effect subject to section 68 below.
Annotations
Textual amendments
- F1
Words repealed by Finance Act 1985 (c. 54), ss. 67(1), 98(6) and Sch. 27 Part VII with respect to disposals on or after 2 July 1986
Modifications
- C1
- C2
S. 66 modified by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 440A(5) (as substituted by Finance Act 1990 (c. 29, SIF 63:1), s. 41, Sch. 6 para. 8)
- C3
See Finance Act 1985 (c. 54), s. 68(3)(c) and Sch. 19 para. 18
- C4
See Finance Act 1985 (c. 54), s. 68(3)(c) and Sch. 19 para. 17(2)
Notes on the whole Act
Textual amendments
- F1
Act repealed (6.3.1992 with effect as mentioned in s. 289(1)(2) of the repealing Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch.12 (with s. 201(3), Sch. 11 paras. 20, 22, 26(2), 27 and with saving in Sch. 11 para. 24(2)) and subject to an amendment (prosp.) by Museum and Galleries Act 1992 (c. 44), s. 11(2), Sch. 8 Pt. I para. 1(1)(2)(7), and amendments by: Disability Living Allowance and Disability Working Allowance Act 1991 (c. 21), s. 4(2), Sch. 2 para. 9(1)(2) (in force 6.4.1992 by S.I. 1991/2617, art. 2(f)); S.I. 1991/2874, art. 2 (in force 6.4.1992 by S.R. 1992/94, art. 2); Social Security (Consequential Provisions) Act 1992 (c. 6), s. 4, Sch. 2 para. 52(a)(b) (in force 1.7.1992 by s. 7(2) of the amending Act); Social Security (Consequential Provisions) (Northern Ireland) Act 1992 (c. 9), s. 4, Sch. 2 para. 20(a)(b) (in force 1.7.1992 by s. 7(2) of the amending Act); Finance (No. 2) Act 1992 (c. 48), ss. 35(2), 47, 48, 56, 77, Sch. 9 para. 20(1)(inserting ss. 143A and 143B), Sch. 17 paras. 3, 6(2)(5), 7, (the amendments coming into force 16.7.1992 except for the amendment by s. 56, Sch. 9 para. 20(1) which comes into force on 19.2.1993 by S.I. 1993/236, art. 2); and amendments (retrospective to 1.1.1992) by ss. 35(2), 47, 48 of the same 1992 Act, and amendments (27.7.1993 with effect as mentioned in ss. 84(3), 86(4), 88(4), 105(4) of the amending Act) by 1993 c. 34, ss. 84(3), 86(4), 88(4)(a)(b), 105(3)(4)