3AReporting limits

1

Where in the case of an individual—

a

the amount of chargeable gains accruing to him in any year of assessment does not exceed the exempt amount for that year, and

b

the aggregate amount or value of the consideration for all chargeable disposals of assets made by him in that year does not exceed four times the exempt amount for that year,

a statement to that effect is sufficient compliance with so much of any notice under section 8 of the Management Act as requires information for the purposes of establishing the amount in which he is chargeable to capital gains tax for that year.

2

For the purposes of subsection (1)(a) above—

a

the amount of chargeable gains accruing to an individual in a year of assessment for which no deduction falls to be made in respect of allowable losses is the amount after any reduction for taper relief;

b

the amount of chargeable gains accruing to an individual in a year of assessment for which such a deduction does fall to be made is the amount before deduction of losses or any reduction for taper relief.

3

For the purposes of subsection (1)(b) above a “chargeable disposal” is any disposal other than—

a

a disposal on which any gain accruing is not a chargeable gain, or

b

a disposal the consideration for which is treated by virtue of section 58 (husband and wife) as being such that neither a gain nor a loss would accrue.

4

Subsection (1) above applies to personal representatives (for the year of assessment in which the individual in question dies and for the next 2 following years) as it applies to an individual.

5

Subsection (1) above applies to the trustees of a settlement in accordance with Schedule 1.

6

In this section “exempt amount” has the meaning given by section 3 (read, where appropriate, with Schedule 1).