Capital Gains Tax (Annual Exempt Amount) Order 1995
| Jurisdiction | UK Non-devolved |
| Citation | SI 1995/3033 |
| Year | 1995 |
1995 No. 3033
TAXES
The Capital Gains Tax (Annual Exempt Amount) Order 1995
Made 28th November 1995
The Treasury, in pursuance of section 3(4) of the Taxation of Chargeable Gains Act 19921, hereby make the following Order:
1. This Order may be cited as the Capital Gains Tax (Annual Exempt Amount) Order 1995.
2. The amount specified, which by virtue of section 3 of the Taxation of Chargeable Gains Act 1992 is, unless Parliament otherwise determines, the exempt amount for the year 1996 – 97, is £6,300.
Derek Conway
Simon Burns
Two of the Lords Commissioners of Her Majesty’s Treasury
28th November 1995
(This note is not part of the Order)
This Order specifies £6,300 as the amount which, under section 3 of the Taxation of Chargeable Gains Act 1992 (“section 3”and “the 1992 Act”respectively), is the exempt amount for the year 1996 – 97 unless Parliament otherwise determines.
By virtue of the Capital Gains Tax (Annual Exempt Amount) Order 1994 (S.I. 1994/3008) the exempt amount for the year 1995 – 96 was specified as £6,000. The amount of £6,300 is the amount for 1995 – 96 increased by the amount of the percentage increase in the retail prices index for September 1995 over that for September 1994, and rounded up to the nearest £100 in accordance with section 3(3) (as amended by section 83 of the Finance Act 1993).
Under section 288(2) of the 1992 Act, “retail prices index”has the same meaning as in the Income Tax Acts; and “retail prices index”is defined in section 833(2) of the Income and Corporation Taxes Act 1988 (c. 1), as amended by paragraph 5 of Schedule 2 to the Transfer of Functions (Economic Statistics) Order 1989 (S.I. 1989/992), as the “general index of retail prices (for all items) published by the Central Statistical Office of the Chancellor of the Exchequer”. The retail prices index for September 1994 is 145.0 and for September 1995 150.6 (based on January 1987 as 100) (see Table 3.1 on page T26 of the October 1995 issue (No. 504) ofEconomic Trends, a publication of the Government Statistical Service).
The exempt amount has several applications for capital gains tax. Under section 3(1) an individual’s gains for a year of assessment are chargeable to tax only to the extent that they exceed the exempt amount; and under section 3(6) an individual may, if appropriate, and...
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