PART 1

Income tax, corporation tax and capital gains tax
CHAPTER 4

Capital gains

Annual exempt amount
34
1
TCGA 1992 is amended as follows.
2
In section 3 (annual exempt amount), for the figure specified in subsection (2) substitute “£10,600”.
3
In that section—
a
in each of subsections (3), (3A), (3B) and (4), for “RPI” substitute “CPI”, and
b
in subsection (3A), for “retail prices index” substitute “consumer prices index”.
4
In section 288 (interpretation), after subsection (2) insert—
2A
In this Act “consumer prices index” means the all items consumer prices index published by the Statistics Board.
5
The amendment made by subsection (2) has effect for the tax year 2012-13 and subsequent tax years.
6
Section 3(3) of TCGA 1992 (indexation) does not apply in relation to the tax year 2012-13.
7
The amendments made by subsections (3) and (4) have effect for the tax year 2013-14 and subsequent tax years.