The Capital Gains Tax (Annual Exempt Amount) Order 2002
This Order specifies £7,700 as the amount which, under section 3 of the Taxation of Chargeable Gains Act 1992 (“the 1992 Act”), is the exempt amount for the year 2002–03 unless Parliament otherwise determines. Section 3(1) of the 1992 Act provides that an individual’s capital gains for a year of assessment are chargeable to capital gains tax only to the extent that they exceed the exempt amount.