The Capital Gains Tax (Annual Exempt Amount) Order 1991
This Order specifies £5,500 as the amount which, under section 5 of the Capital Gains Tax Act 1979 (“section 5”) (as amended by section 77 of the Finance Act 1980, section 80 of the Finance Act 1982, Part VIII of Schedule 14 to the Finance Act 1988 (c. 39) and section 72 of the Finance Act 1990 (c. 29)), is the exempt amount for the year 1991-92 unless Parliament otherwise determines. The exempt amount for the year 1990-91 was fixed by section 72 of the Finance Act 1990 at £5,000. The amount of £5,500 is the amount for 1990-91 increased by the amount of the percentage increase in the retail prices index for December 1990 over that for December 1989. The amount has been rounded up to the nearest £100 in accordance with section 5(1B).