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Taxation of Chargeable Gains Act 1992
Type
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Taxation of Chargeable Gains Act 1992 (1)
Subject
Publisher
To ask Her Majesty’s Government what is the current level of exemption for capital gains tax on chattels under section 262 of the Taxation of Chargeable Gains Act 1992; when this was last changed; and what it would be if up-rated from (a) that date, and (b) since capital gains...
To ask Her Majesty’s Government what is the current level of exemption for capital gains tax on chattels under section 262 of the Taxation of Chargeable Gains Act 1992; when this was last changed; and what it would be if up-rated from (a) that date, and (b) since capital gains...
Asked by
Lord Marlesford
(Conservative)
Answered by
Lord Sassoon
(Conservative)
Type
Written questions
Status
Answered
Answered on
24 January 2011
Under Section 262 of the Taxation of Chargeable Gains Act 1992, gains are exempt if the proceeds from disposing of a chattel are £6,000 or less.
The limit was increased to £6,000 for any disposals on or after 6 April 1989. Up-rating this limit to the 2010-11 tax year using the retail prices index (RPI) leads to an approximate limit of £12,000.
The exemption limit when capital gains tax was introduced from 6 April 1965 was £1,000. Up-rating this limit using RPI to the 2010-11 tax year would result in an approximate limit of £15,200.
Legislation
Taxation of Chargeable Gains Act 1992
Subjects
Capital gains tax; Exemptions; Uprating
Date
24 January 2011
Reference
5778; 724 c123WA
House
House of Lords