Taxation of Chargeable Gains Act 1992 Schedule 10 paragraph 23

Finance Act 1991 c. 31

Paragraph 23 of Schedule 10 makes a consequential amendment to the Finance Act 1991 to update a cross-reference from the old Capital Gains Tax Act 1979 to the corresponding provision in the Taxation of Chargeable Gains Act 1992.

• This is a purely technical, consequential amendment with no change in substance or effect.
• Section 72(4) of the Finance Act 1991 previously referred to section 5(1) of the Capital Gains Tax Act 1979.
• That reference is replaced with a reference to section 3(1) of the Taxation of Chargeable Gains Act 1992, which is the equivalent provision.
• Section 3(1) of the 1992 Act sets out the annual exempt amount for capital gains tax purposes, replacing the old section 5(1) of the 1979 Act.