Taxation of Chargeable Gains Act 1992 (c. 12)
This section has no associated Explanatory Notes
296(1)Amend section 6 (rates of capital gains tax: special cases) as follows.
(2)In subsection (2)—
(a)in paragraph (a) for the words from “a deduction” to “liability” substitute “a person is entitled to relief by reference to the amount of a deficiency”,
(b)in paragraph (c) for “those purposes” substitute “the purposes of extra liability”,
(c)for “his income” substitute “the person’s Step 3 income”, and
(d)for “that amount” substitute “the amount of the deficiency or (as the case may be) the amount mentioned in paragraph (c)”.
(3)In subsection (3) for “his total income” substitute “the person’s Step 3 income”.
(4)Omit subsection (4).