TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

Statutory Instrument: SI 899 and Explanatory Memorandum – The Capital Gains Tax (Annual Exempt Amount) Order 2011

The above Order enacts the Budget 2011 increase in the annual exempt amount for capital gains tax from £10,100 to £10,600 effective for the tax year 2011–12.

Section 3(1) of TCGA 1992 provides that an individual is chargeable to capital gains tax for a year of assessment only on the amount by which his taxable amount for the year exceeds the annual exempt amount.

The supporting Statutory Instrument and Explanatory note for this increase can be accessed at http://www.legislation.gov.uk/uksi/2011/899/contents/made