Finance Act 1978

45 Chattel exemption

(1) In subsections (1), (3) and (5)(b) and (c) of section 30 of the [1965 c. 25.] Finance Act 1965 (chattels sold for £1,000 or less) for the words " one thousand pounds" there shall be substituted " £2,000 ".

(2) For subsection (2) of that section there shall be substituted—

“(2) Where the amount or value of the consideration for the disposal of an asset which is tangible movable property exceeds £2,000, there shall be excluded from any chargeable gain accruing on the disposal so much of it as exceeds five-thirds of the difference between—

(a) the amount or value of the consideration; and

(b) £2,000.”

(3) In subsection (4) of that section for the word " tax " there shall be substituted the words " chargeable gains ".

(4) In subsection (5)(b) of that section for the words " the limitation on the amount of tax in subsection (2) of this section shall be to half the difference " there shall be substituted the words " the part of any chargeable gain that is excluded from it under subsection (2) of this section shall be so much of the gain as exceeds five-thirds of the difference ".

(5) In sections 12(2)(b) and 25(7) of the [1970 c. 9.] Taxes Management Act 1970 (information about chargeable gains) for " £1,000 " there shall be substituted " £2,000 ".

(6) This section applies for the year 1978-79 and subsequent years of assessment; and subsections (2) to (4) above apply also for the year 1977-78 but as if for any reference in the substituted subsection (2) to £2,000 there were substituted a reference to £1,000.