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Finance Act 2023

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Changes over time for: Section 8

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8Annual exempt amountU.K.

(1)Chapter 1 of Part 1 of the Taxation of Chargeable Gains Act 1992 (capital gains tax) is amended as follows.

(2)In section 1K (annual exempt amount), in subsection (2) (which specifies the amount of the annual exempt amount for a tax year), for “£12,300” substitute “£6,000”.

(3)The amendment made by subsection (2) has effect for the tax year 2023-24.

(4)In section 1K(2) (as amended by subsection (2)), for “£6,000” substitute “£3,000”.

(5)The amendment made by subsection (4) has effect for the tax year 2024-25 and subsequent tax years.

(6)Omit section 1L (increasing annual exempt amount to reflect increases in CPI).

(7)In section 8C of the Taxes Management Act 1970 (returns so far as relating to capital gains tax), in subsection (1)(b), for “four times that annual exempt amount” substitute “£50,000”.

(8)In consequence of the amendments made by this section

(a)in section 287(4) of the Taxation of Chargeable Gains Act 1992 (orders and regulations to which no Parliamentary procedure applies), omit “1L(2) or”, and

(b)in section 40 of the Finance Act 2021 (which specifies the annual exempt amount in section 1L of the Taxation of Chargeable Gains Act 1992 as £12,300 for tax years up to 2025-26), for the words from “the tax years” to “2025-26” substitute “the tax years 2021-22 and 2022-23”.

(9)The amendments made by subsections (6) to (8) have effect for the tax year 2023-24 and subsequent tax years.

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