The Taxation of Chargeable Gains (Gilt-edged Securities) Order 2026

The order identifies specific securities to be classified as 'gilt-edged securities' under the Taxation of Chargeable Gains Act 1992.

The explanatory note states that gains on the disposal of specified gilt-edged securities are not chargeable gains for the purposes of capital gains tax or corporation tax.

The Treasury asserts that this instrument contains no substantive changes to policy, as it applies existing statutory definitions to newly issued or identified stocks and bonds.

Investors in non-specified securities do not benefit from the same exemptions, potentially creating a disparity in the tax treatment of different government-backed instruments.

The complexity of the legislative framework, which requires periodic orders to update the list of exempt securities, may create administrative burdens for taxpayers tracking which specific gilts are currently exempt.

The absence of a Tax Information and Impact Note prevents public scrutiny of the fiscal impact of exempting these specific eleven securities from taxation.