Section 34 | Annual exempt amount

(1)TCGA 1992 is amended as follows.

(2)In section 3 (annual exempt amount), for the figure specified in subsection (2) substitute “ £10,600 ”.

(3)In that section—

(a)in each of subsections (3), (3A), (3B) and (4), for “RPI” substitute “ CPI ”, and

(b)in subsection (3A), for “retail prices index” substitute “ consumer prices index ”.

(4)In section 288 (interpretation), after subsection (2) insert—

(2A)In this Act “consumer prices index” means the all items consumer prices index published by the Statistics Board.

(5)The amendment made by subsection (2) has effect for the tax year 2012-13 and subsequent tax years.

(6)Section 3(3) of TCGA 1992 (indexation) does not apply in relation to the tax year 2012-13.

(7)The amendments made by subsections (3) and (4) have effect for the tax year 2013-14 and subsequent tax years.