The Taxation of Chargeable Gains (Gilt-edged Securities) Order 2023

Statutory Instruments

2023 No. 710

Capital Gains Tax

Corporation Tax

The Taxation of Chargeable Gains (Gilt-edged Securities) Order 2023

Made

26th June 2023

The Treasury make this Order in exercise of the powers conferred by paragraph 1 of Schedule 9 to the Taxation of Chargeable Gains Act 1992(1).

Citation

1.  This Order may be cited as the Taxation of Chargeable Gains (Gilt-edged Securities) Order 2023.

Securities specified as gilt-edged securities

2.  For the purposes of the Taxation of Chargeable Gains Act 1992 the following securities are specified as “gilt-edged securities”—

• 4⅛% Treasury Gilt 2027

• 3¾% Treasury Gilt 2038

• 3¼% Treasury Gilt 2033

• 3½% Treasury Gilt 2025

• 3¾% Treasury Gilt 2053

• 0⅝% Treasury Gilt 2045

• 4% Treasury Gilt 2063.

Andrew Stephenson

Steve Double

Two of the Lords Commissioners of His Majesty’s Treasury

26th June 2023

EXPLANATORY NOTE

(This note is not part of the Order)

Section 115 of the Taxation of Chargeable Gains Act 1992 (c. 12) provides that gains on the disposal of “gilt-edged securities” are not chargeable gains. They are not therefore subject to capital gains tax (or, for companies, corporation tax). Paragraph 1 of Schedule 9 to the Taxation of Chargeable Gains Act 1992 provides that “gilt-edged securities” are those securities specified in Part II of Schedule 9 and such stocks and bonds issued under section 12 of the National Loans Act 1968 (c. 13) denominated in sterling and issued after 15th April 1969, as may be specified by order made by the Treasury. In exercise of that power this Order specifies seven securities as “gilt-edged securities”.

A complete list of gilt-edged securities which are exempt from capital gains tax may be found online at www.gov.uk/guidance/gilt-edged-securities-exempt-from-capital-gains-tax or obtained by writing to Assets, Residence and Valuation Policy, HMRC, 3C/03, 100 Parliament Street, London, SW1A 2BQ.

A Tax Information and Impact Note has not been prepared for this instrument as it contains no substantive changes to policy.

(1)

1992 c. 12.