preference shares and cgt

  1. 2,000 Posts.
    If someone buys preference shares in XYZ which convert to common shares in greater than 12 months time. If the common shares are sold soon after conversion, will the sale benefit from the 50% CGT discount since the preference shares have been held for more than 12 months, or is it just upto the time the new common shares have been held for?

    thanks in advance

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