June 30

And the previous 50% discount or halving the gain was really just shorthand for that, which worked fine when inflation was 5 or 6% a year, that it sort of worked out.

Um, so the thing Glen's talking about is how do you go from the current system where you divide it by two to the future system where you deduct inflation, and how do you deal with the pre- and post-June 30, 2027? And the simple answer the government's come up with is they're gonna pretend that you sold everything on June 30th and bought it back on July 1.

Which is the deemed disposal.

Which is a deemed disposal.