Revenue & Customs Brief 09/09 introduces amendments to the rebasing rules for disposals of assets held by a partnership on 31 March 1982. The changes apply to disposals of assets from the start of the 2008-09 tax year.

The rebasing rules apply for people who dispose of partnership assets or who change their share of partnership assets from 2008-09 onwards. Gains or losses arising on disposals on or after 6 April 2008 are computed as if the assets disposed of had been acquired at their market value on 31 March 1982. In effect, allowable expenditure is ‘rebased’ to 31 March 1982 dispensing with the need for the kink test and rebasing elections.

Full details are available at http://www.hmrc.gov.uk/briefs/cgt/brief0909.htm