The Capital Gains Tax (Annual Exempt Amount) Order 2008
This Order specifies £9,600 as the exempt amount for the year 2008–09, 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 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.