Section 261C — Taxation of Chargeable Gains Act 1992: Meaning of “the maximum amount” for purposes of section 261B

Meaning of “the maximum amount” for purposes of section 261B 261C 1 For the purposes of section 261B “the maximum amount” is the amount on which the person would be chargeable to capital gains tax for the year of assessment if—

a the provisions mentioned below were ignored, and b no account were taken of the event mentioned below.

2 The provisions are—

a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . b section 1K(1) (annual exempt amount),

and c section 261B.

3 The event is any event—

a which occurs after the date on which the relevant amount (see section 261B(3)) can no longer be varied by the tribunal on appeal or on the order of a court, and b in consequence of which the amount chargeable to capital gains tax is reduced as a result of an enactment relating to capital gains tax.