Related Commentary  

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.

261C(2)  The provisions are–

(a)[omitted by FA 2008, s. 8 and Sch. 2, para. 39.]

(b)section 1K(1) (annual exempt amount), and

261C(3)  The event is any event–

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