The Taxation of Chargeable Gains (Gilt-edged Securities) Order 2020
Section 115 of the Taxation of Chargeable Gains Act 1992 (“TCGA”) 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 TCGA provides that “gilt-edged securities” are those securities specified in Part II of that Schedule and such stocks and bonds issued under section 12 of the National Loans Act 1968 denominated in sterling and issued after 15th April 1969, as may be specified by order made by the Treasury. In the exercise of that power this Order specifies seven securities as “gilt-edged securities”.