Finance Act 2003

Chapter 5

Capital Gains Tax

Amendment of section 556 (adjustment of allowable expenditure by reference to consumer price index) of Principal Act.

65.—Section 556 of the Principal Act is amended—

(a)  in subsection (2)(a) by substituting “specified in subsection (5), determined under subsection (6) or specified in subsection (6A), as the case may be.” for “specified in subsection (5) or determined under subsection (6), as the case may be.”,

(b)  in subsection (6)(a) by substituting “in each subsequent year of assessment up to and including the year of assessment 2003.” for “each subsequent year of assessment.”,

(c)  in subsection (6)(b) by substituting “any subsequent year of assessment up to and including the year of assessment 2003,” for “any subsequent year of assessment,”, and

(d)  by inserting the following after subsection (6):

“(6A) In relation to the disposal of an asset made in the year 2004 or any subsequent year of assessment, the multiplier shall be the figure mentioned in column (2) of the Table to this subsection opposite the mention in column (1) of that Table of the year of assessment in which the deductible expenditure was incurred.

table

Year of assessment in which deductible expenditure incurred

Multiplier

(1)

(2)

1974-75

...

...

...

...

...

...

7.528

1975-76

...

...

...

...

...

...

6.080

1976-77

...

...

...

...

...

...

5.238

1977-78

...

...

...

...

...

...

4.490

1978-79

...

...

...

...

...

...

4.148

1979-80

...

...

...

...

...

...

3.742

1980-81

...

...

...

...

...

...

3.240

1981-82

...

...

...

...

...

...

2.678

1982-83

...

...

...

...

...

...

2.253

1983-84

...

...

...

...

...

...

2.003

1984-85

...

...

...

...

...

...

1.819

1985-86

...

...

...

...

...

...

1.713

1986-87

...

...

...

...

...

...

1.637

1987-88

...

...

...

...

...

...

1.583

1988-89

...

...

...

...

...

...

1.553

1989-90

...

...

...

...

...

...

1.503

1990-91

...

...

...

...

...

...

1.442

1991-92

...

...

...

...

...

...

1.406

1992-93

...

...

...

...

...

...

1.356

1993-94

...

...

...

...

...

...

1.331

1994-95

...

...

...

...

...

...

1.309

1995-96

...

...

...

...

...

...

1.277

1996-97

...

...

...

...

...

...

1.251

1997-98

...

...

...

...

...

...

1.232

1998-99

...

...

...

...

...

...

1.212

1999-00

...

...

...

...

...

...

1.193

2000-01

...

...

...

...

...

...

1.144

2001  ...

...

...

...

...

...

...

1.087

2002  ...

...

...

...

...

...

...

1.049

2003 and subsequent years

...

...

...

...

1.000

”.