Capital Gains Tax Act 1979

6 (1) For any year of assessment during the whole or part of which any property is settled property, not being a year of assessment for which paragraph 5(1) above applies, subsections (1) to (5) shall apply to the trustees of a settlement as they apply to an individual but with the following modifications.

(2) In subsections (1), (4) and (5) for “£1,000” there shall be substituted “£500 ”.

(3) For subsections (2) and (3) there shall be substituted—

“(2) If an individual's taxable amount for a year of assessment exceeds £500 the amount of capital gains tax to which he is chargeable for that year shall not exceed one-half of the excess.”

(4) In subsection (5) for “£5,000” there shall be substituted “£2,500 ”.

(5) This paragraph applies where the settlement was made before 7th June 1978.