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(1)An individual shall not be chargeable to capital gains tax for a year of assessment if the aggregate amount or value of the consideration for all the disposals of assets made by him in that year does not exceed £500.
(2)The amount of the capital gains tax to which an individual not exempted under subsection (1) above is chargeable for any year of assessment shall not exceed one half of the difference between £500 and the aggregate amount or value mentioned therein.
(3)For the purposes of this section and of Schedule 11 to this Act disposals made by a man to his wife living with him or by her to him shall be disregarded and all other disposals made by either shall be treated as made by one individual; and if by virtue of paragraph 3(2) of Schedule 10 to the [1965 c. 25.] Finance Act 1965 any amount is chargeable and assessable on the wife for any year of assessment, any relief due for that year under subsection (2) of this section shall be apportioned between them according to the amounts with which they would, apart from that subsection, be respectively chargeable to capital gains tax for that year.
(4)Schedule 11 to this Act shall have effect for supplementing this section.
(5)This section shall apply for the year 1970-71 and subsequent years of assessment and section 31 of the [1968 c. 44.] Finance Act 1968 (exemption for small amounts) shall not apply for any year of assessment later than 1970-71.
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