Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 28 U.K. Capital gains tax: reporting limits and annual exempt amount

Part 2 U.K. Annual exempt amount

3 (1) Section 3 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows. U.K.

(2) Omit subsection (6).

(3) In subsection (7) for “subsections (1) to (6)” substitute “ subsections (1) to (5C) ”.

(4) After that subsection insert—

“(7A) As they apply by virtue of subsection (7) above—

(a) subsection (5A) has effect with the omission of paragraph (b), and

(b) subsection (5B) has effect with the omission of the words “or (b)”.”.