The Capital Gains Tax (Annual Exempt Amount) Order 2004
This Order specifies £8,200 as the amount which, by virtue of section 3 of the Taxation of Chargeable Gains Act 1992 (c. 12: “the 1992 Act”), is the exempt amount for the year 2004-05 unless Parliament otherwise determines. Section 3(1) of the 1992 Act 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. Section 3(5) of the 1992 Act provides that an individual’s taxable amount for a year of assessment is the amount of chargeable gains on which he is chargeable to capital gains tax after any available allowable losses have been deducted and any available capital gains tax taper relief has been applied.