Finance Act 2021

Capital gains tax U.K.

40 Annual exempt amount U.K.

Section 1L of TCGA 1992 (which provides for an increase in the annual exempt amount to reflect increases in CPI) does not apply for [F1 the tax years 2021-22 and 2022-23] (so that the annual exempt amount for each of those tax years remains at £12,300).

Textual Amendments

F1 Words in s. 40 substituted (with effect for the tax year 2023-24 and subsequent tax years) by Finance Act 2023 (c. 1), s. 8(8)(b)(9)

41 Hold-over relief for foreign-controlled companies U.K.

(1) In section 167 of TCGA 1992 (gifts to foreign-controlled companies), in subsection (2)(b), at the beginning insert “ is or ”.

(2) The amendment made by subsection (1) has effect in relation to a disposal made on or after 6 April 2021.