Beta This part of GOV.UK is being rebuilt – find out what this means

HMRC internal manual

Capital Gains Manual

From
HM Revenue & Customs
Updated
, see all updates

Indexation: disposals 30/11/93+: use of transitional relief: amount 94-95

As for 1993-94, relief is only given where the relevant gains for the year exceed the exempt amount for the year. If a taxpayer has

  • relevant gains in the year 1994-95 which exceed the exempt amount, and
  • indexation losses in respect of disposals in the year, or unused indexation losses brought forward from 1993-94,

the chargeable gains for the year are to be reduced by the smallest of

  • £10,000, less any amount of indexation losses used in 1993-94; or
  • the excess of relevant gains over the exempt amount for the year; or
  • the amount of the indexation losses in 1994-95, together with any unused indexation losses brought forward from 1993-94.