F1Part 1Capital gains tax and corporation tax on chargeable gains

Annotations:
Amendments (Textual)
F1

Pt. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 2

Chapter 1Capital gains tax

Annual exempt amount

C11LIncreasing annual exempt amount to reflect increases in CPI

1

If the consumer prices index for the September before the start of a tax year is higher than it was for the previous September—

a

the annual exempt amount is increased by the same percentage as the rise in that index (rounded up to the nearest £100), and

b

section 1K(2) has effect for the tax year (and subsequent tax years) as if it referred to the increased amount.

2

If, as a result of this section, the annual exempt amount for a tax year increases, the Treasury must before the start of the tax year make an order showing the increased amount.