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Finance Act 2012

Details of the Section

2.Subsection (2) provides the AEA to be used in section 3(2) of the Taxation of Chargeable Gains Act (TCGA) 1992.

3.Subsection (3) replaces references to “RPI” and “retail prices index” in section 3 with “CPI” and “consumer prices index”.

4.Subsection (4) inserts a definition of “consumer prices index” in section 288 of the TCGA 1992.

5.Subsection (5) states that the figure inserted by subsection (2) of this section is the AEA for tax year 2012-13 and the base figure to be indexed in future tax years.

6.Subsection (6) disapplies automatic indexation for tax year 2012-13 in order that the AEA for that year is instead the figure inserted by subsection (2).

7.Subsection (7) provides that subsections (3) & (4) have effect for the tax year 2013-14 onwards.

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