Finance Act, 1992
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Chapter IV Capital Gains Tax | ||
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Reduction in exemption for individuals. |
59.—As respects the year 1992-93 and subsequent years of assessment— | |
(a) subsection (4) of section 13 , and subsections (1) and (2) of section 16 , of the Capital Gains Tax Act, 1975 , and | ||
(b) paragraph 8 of Schedule 1 to the Capital Gains Tax (Amendment) Act, 1978 , | ||
are hereby amended by the substitution of “£1,000” for “£2,000” (inserted by the Finance Act, 1982 ) in each place where it occurs in those provisions, and the said provisions, as so amended, are set out in the Table to this section. | ||
TABLE | ||
(4) Where, apart from subsection (1), the amount on which an individual is chargeable to capital gains tax under section 5 (1) for a year of assessment (hereafter in this subsection referred to as “the first-mentioned amount”) is less than £1,000 and the spouse of the individual (being, at any time during that year of assessment, a married woman living with her husband, or that husband) is, apart from subsection (1), chargeable to capital gains tax on any amount for that year, section 16 (1) shall have effect in relation to the spouse as if the sum of £1,000 mentioned therein were increased by an amount equal to the difference between the first-mentioned amount and £1,000. | ||
(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 £1,000. | ||
(2) If the amount on which an individual is chargeable to capital gains tax under section 5 (1) for a year of assessment exceeds £1,000, only the excess of that amount over £1,000 shall be charged to capital gains tax for that year. | ||
8. For the purposes of subsection (2) of section 16 (gains of £1,000 and under) of the Principal Act, where, on the assumption that that subsection did not apply, an individual would be chargeable under the Capital Gains Tax Acts at more than one rate of tax for a year of assessment, the relief to be given under that subsection in respect of the first £1,000 of chargeable gains shall be given— | ||
(a) if he would be so chargeable at two different rates, in respect of the chargeable gains which would be so chargeable at the higher of those rates and, so far as relief cannot be so given, in respect of the chargeable gains which would be so chargeable at the lower of those rates, and | ||
(b) if he would be so chargeable at three or more rates, in respect of the chargeable gains which would be so chargeable at the highest of those rates and, so far as relief cannot be so given, in respect of the chargeable gains which would be so chargeable at the next highest of those rates, and so on. |