S.L. 123.51 Art. 9Calculation of cost of acquisition of listed securities.

For the purpose of determining the capital gains derived by a person from the disposal of securities that are listed on the recognised stock exchange and held in a non-prescribed fund the cost of acquisition of each unit or share of the same class as those disposed of shall be deemed to be the average cost obtained by dividing the total cost of acquisition of all such units or shares held by that person on the date of the disposal by the total number of the said units or shares:

Provided that -

(a) if the disposal is the first disposal of such units or shares by that person after the 28th February, 2001, the cost of acquisition of such units or shares held by him, if any, on the 1st March, 2001 shall be the price at which such units or shares were quoted on a recognised stock exchange on the date when they were acquired or the price at which they were last quoted on a recognised stock exchange before the 1st March, 2001, whichever price is the higher; and;

(b) when the average cost of units or shares has been determined on the occasion of a disposal, the units or shares of the same class that are not disposed of on that occasion shall be deemed to have been acquired at the average cost determined on that occasion.