SCHEDULES

SCHEDULE 7 Consequential Amendments

Taxes Management Act 1970 (c. 9)

1

1

The Taxes Management Act 1970 shall be amended as follows.

C12

In section 12(2) for paragraph (a) substitute—

a

any assets exempted by the following provisions of the Capital Gains Tax Act 1979, namely—

i

section 19(4) (rights to winnings from pool betting, lotteries or games with prizes),

ii

section 71 (government non-marketable securities),

iii

section 130, 131 or 133 (passenger vehicles, decorations for valour or gallant conduct and foreign currency for personal expenditure)

3

In section 28(1) for “section 41” (in both places) substitute “ section 15 ”, for “section 42” (in both places) substitute “ section 17 ”, and for “Finance Act 1965” substitute “ Capital Gains Tax Act 1979 ”.