According to the Practical Tax Loose Leaf Service, there's no disposal for CGT:
#1: Where you transfer an asset as security for a debt or you transfer that asset back when a security is released.
#2: By a company for:
The issue or cancellation of a share in the company; and
Granting an option to acquire a share or debenture in that company.
#3: By a unit trust scheme for:
The issue of a participatory interest in that scheme. When an investor buys into a unit trust scheme, the scheme is effectively selling him a 'participatory' interest in the scheme. In this case, the sale by the unit trust is NOT seen as a disposal for CGT purposes.
Granting an option to acquire a participatory interest in that scheme. This because the investor pays CGT on the disposal of the units.
Well there you have it. You don't have to account for GCT if you dispose of an asset in these three ways. To find out about one more instance where you don't have to worry about CGT if you dispose an asset, check out the Practical Tax Loose Leaf Service. The Loose Leaf Service will also give you more information about CGT so you'll avoid tax penalties and interest.