Rebasing rules

Revenue & Customs Brief 9/09 has been published in connection with assets held by a partnership on 31 March 1982.

Assets held on that date are subject to rebasing rules when working out capital gains and losses.

The changes to capital gains tax in FA 2008 amended the rebasing rules. The changes apply to disposals of assets from 6 April 2008.

The brief explains how the rebasing rules apply for people who dispose of partnership assets or who change their share of partnership assets from 2008-09 onwards.

The changes in FA 2008 do not apply to corporation tax and companies liable to corporation tax on their gains are not affected.

The rebasing provisions for disposals before 6 April 2008 applied in respect of disposals on or after 6 April 1988 of assets held on 31 March 1982.

Assets held at 31 March 1982 were...