Taxation of Chargeable Gains Act 1992 Schedule BA1 paragraph 5

Interpretation

Paragraph 5 of Schedule BA1 provides definitions and interpretive rules for the key terms used throughout the schedule dealing with the annual exempt amount for capital gains tax.

• This paragraph sets out the meaning of specific terms used elsewhere in Schedule BA1, ensuring consistent interpretation across the schedule's provisions.
• The definitions support the operation of the rules governing the annual exempt amount — the threshold below which individuals and certain other persons are not charged capital gains tax.
• Where technical terms are used in the schedule, this paragraph acts as the central reference point for understanding what those terms mean in context.
• The provision was introduced by Schedule 1, paragraph 11 of the Finance Act 2019, which restructured the annual exempt amount rules into the new Schedule BA1 format.