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

Meaning of “the maximum amount” for purposes of section 261D 261E 1 For the purposes of section 261D “the maximum amount” is the amount on which the person would be chargeable to capital gains tax for the year of assessment if the following were ignored.

2 The matters to be ignored are—

a any allowable losses falling to be carried forward to that year from a previous year for the purposes of section 1(3) , b section 1K(1) (annual exempt amount),

and c any relief under section 261B or 261D.