The First-tier Tribunal has held that taxpayers were not liable to CGT on the redemption of their QCBs because the earlier conversion of non-QCBs and QCBs for QCBs was a single conversion that fell outside section 116 of the Taxation of Chargeable Gains Act 1992 (Hancock & Hancock v HMRC [2014] UKFTT 695 (TC)).