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Taxation of Chargeable Gains Act 1992

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Changes over time for: Section 261C

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Changes to legislation:

Taxation of Chargeable Gains Act 1992, Section 261C is up to date with all changes known to be in force on or before 28 February 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1261CMeaning of “the maximum amount” for purposes of section 261BU.K.

(1)For the purposes of section 261B “the maximum amount” is the amount on which the person would be chargeable to capital gains tax for the year of assessment if—

(a)the provisions mentioned below were ignored, and

(b)no account were taken of the event mentioned below.

(2)The provisions are—

F2(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)[F3section 1K(1)] (annual exempt amount), and

(c)section 261B.

(3)The event is any event—

(a)which occurs after the date on which the relevant amount (see section 261B(3)) can no longer be varied by the [F4tribunal] on appeal or on the order of a court, and

(b)in consequence of which the amount chargeable to capital gains tax is reduced as a result of an enactment relating to capital gains tax.]

Textual Amendments

F1Ss. 261B-261E and cross-heading inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 329 (with Sch. 2)

F2S. 261C(2)(a) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 39

F3Words in s. 261C(2)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 78

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