Part VII Other property, businesses, investments etc.
F1Deduction of trading losses or post-cessation expenditure etc
Annotations:
Amendments (Textual)
261CMeaning of “the maximum amount” for purposes of section 261B
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—
F3a
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b
F4section 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 F2tribunal 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.
Ss. 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)