SCHEDULES
SCHEDULE 28Capital gains tax: reporting limits and annual exempt amount
Part 2Annual exempt amount
3
1
Section 3 of the Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows.
2
Omit subsection (6).
3
In subsection (7) for “subsections (1) to (6)” substitute “
subsections (1) to (5C)
”
.
4
After that subsection insert—
7A
As they apply by virtue of subsection (7) above—
a
subsection (5A) has effect with the omission of paragraph (b), and
b
subsection (5B) has effect with the omission of the words “or (b)”.
4
1
Paragraph 1 of Schedule 1 to that Act is amended as follows.
2
In sub-paragraph (1), in the words following paragraph (b)—
a
for “section 3(1) to (6)” substitute “
sections 3(1) to (5C) and 3A
”
;
b
at the end insert “
, but with the modifications specified in this paragraph
”
.
3
After sub-paragraph (2) insert—
2A
As they apply by virtue of sub-paragraph (1) above—
a
section 3(5A) has effect with the omission of paragraph (b), and
b
section 3(5B) has effect with the omission of the words “or (b)”.
4
In sub-paragraph (3)—
a
for “section 3” substitute “
sections 3 and 3A(1)(a)
”
;
b
after “the exempt amount for the year”, where it first occurs, insert “
(except the one in section 3(2))
”
.
5
In sub-paragraph (7) for “An inspector” substitute “
An officer of the Board
”
.
5
1
Paragraph 2 of that Schedule is amended as follows.
2
In sub-paragraph (1) for “section 3(1) to (6)” substitute “
sections 3(1) to (5C) and 3A
”
.
3
In sub-paragraph (2)—
a
for “subsections (1) and (5)” substitute “
section 3(1), (5A), (5B) and (5C)
”
;
b
after “section 3(1), (5A), (5B) and (5C)” insert “
and section 3A(1)(a)
”
.
4
After sub-paragraph (2) insert—
2A
As they apply by virtue of sub-paragraph (1) above—
a
section 3(5A) has effect with the omission of paragraph (b), and
b
section 3(5B) has effect with the omission of the words “or (b)”.
5
Omit sub-paragraph (3).
6
In sub-paragraph (9) for “An inspector” substitute “
An officer of the Board
”
.
6
In the first column of the Table in section 98 of the Taxes Management Act 1970 (c. 9) (penalty for failure to furnish particulars etc), at the appropriate place insert— “
Paragraph 1(7) of Schedule 1 to the 1992 Act.
”
.