The Capital Gains Tax (Annual Exempt Amount) Order 2011
This Order specifies £10,600 as the exempt amount for the tax year 2011-12 by virtue of section 3 of the Taxation of Chargeable Gains Act 1992 (c. 12) (“TCGA 1992”), unless Parliament otherwise determines. Section 3(1) of the TCGA 1992 provides that an individual is chargeable to capital gains tax for a year of assessment only on the amount by which his taxable amount for the year exceeds the exempt amount.