Finance Act 1980

77 Exemption for first ó,000 of gains of individuals

(1) Section 5 of the [1979 c. 14.] Capital Gains Tax Act 1979 and Schedule 1 to that Act (relief for gains less than £9,500) shall have effect with the following amendments, being amendments which substitute an exemption from tax in respect of the first £3,000 of the net gains accruing to an individual in a year of assessment.

(2) For subsections (1) to (3) of section 5 there shall be substituted—

“5 Exemption for first £3,000 of gains.

(1) An individual shall not be chargeable to capital gains tax in respect of so much of his taxable amount for any year of assessment as does not exceed £3,000.”

(3) In subsections (4) and (5)(a) of section 5 for “£1,000 wherever it occurs, there shall be substituted ” £3,000 ".

(4) In Schedule 1—

(a) the heading shall be changed to “EXEMPTION FOR FIRST £3,000 OF GAINS ” ;

(b) in paragraphs 2(1) and (2)(b) for the words “subsections (1) to (4)” there shall be substituted the words “subsections (1) and (4) ”;

(c) in paragraphs 4 and 5(1) for the words “subsections (1) to (5)” there shall be substituted the words “subsections (1), (4) and (5) ”;

(d) in paragraph 2(1) for the words “the amounts of £1,000, £5,000 and £600 ” there shall be substituted the words “the amount of £3,000 ” and in paragraph 2(1)(b) for “£1,000 ” there shall be substituted “£3,000 ”.

(5) This section has effect for the year 1980-81 and subsequent years of assessment.