Generally, you acquire a CGT asset when you become its owner. You may acquire a CGT asset as a result of:
- A CGT event happening to someone else (for example, the transfer of land to you under a contract of sale).
- If you acquired an asset as a result of a CGT event happening, you are generally taken to have acquired the asset at the time of the CGT event.
- For example, if you enter into a contract to purchase a CGT asset, the time of acquisition is when you enter into the contract (as that is the time CGT event A1 happened to the seller). However, if you obtain an asset without entering into a contract, the time of acquisition is when you start being the asset's owner.
- Other events or transactions happening that are not the result of a CGT event happening to someone else (for example, a company issuing shares, which is not a CGT event).
If a company issues or allots shares to you, you acquire the shares when you enter into a contract to acquire them or, if there is no contract, at the time of their issue or allotment.
- Other special CGT rules (for example, a CGT asset passing to you as a beneficiary when someone dies).
If a CGT asset passes to you as a beneficiary of someone who has died, you are taken to have acquired the asset on the date of the person's death.