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PART IV
Exemptions and Reliefs
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Gains of £500 and under.
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16.—(1) An individual shall not be chargeable to capital gains tax for a year of assessment if the amount on which he is chargeable to capital gains tax under section 5 (1) for that year does not exceed £500.
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(2) If the amount on which an individual is chargeable to capital gains tax under section 5 (1) for a year of assessment exceeds £500, only the excess of that amount over £500 shall be charged to capital gains tax for that year.
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(3) In the case of an individual dying in the year of assessment, this section shall apply with the substitution for the reference to the individual of a reference to his personal representatives, and the amount of chargeable gains shall be that on which the personal representatives are chargeable in respect of gains accruing before death.
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(4) Relief shall not be given under this section where an adjustment is allowed under section 6 (alternative charge by reference to income tax), or relief is allowed under section 26 (disposal of business or farm on retirement) or section 27 (disposal within the family of business or farm).
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