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.