Finance Act, 1980

Chapter IX

Capital Gains Tax

Amendment of provisions relating to married person in Capital Gains Tax Act, 1975.

61.—The Capital Gains Tax Act, 1975 , is hereby amended, as respects the year 1980-81 and subsequent years of assessment—

(a) in section 2, by the substitution for subsection (3) of the following subsection:

“(3) (a) References in this Act to a married woman living with her husband shall be construed in accordance with subsection (1) of section 192 (inserted by the Finance Act, 1980) of the Income Tax Act, 1967 .

(b) For the purposes of paragraph (a) the reference in the aforementioned subsection (1) to a wife shall be construed as a reference to a married woman.”,

(b) in section 13, by the substitution for subsection (4) of the following subsection:

“(4) Where, apart from subsection (1), the amount on which an individual is chargeable to capital gains tax under section 5 (1) for a year of assessment (hereafter in this subsection referred to as “the first-mentioned amount”) is less than £500 and the spouse of the individual (being, at any time during that year of assessment, a married woman living with her husband, or that husband) is, apart from subsection (1), chargeable to capital gains tax on any amount for that year, section 16 (1) shall have effect in relation to the spouse as if the sum of £500 mentioned therein were increased by an amount equal to the difference between the first-mentioned amount and £500.”,

(c) in section 25 (9A) (inserted by the Finance Act, 1979 ), by the substitution for the proviso to paragraph (b) of the following proviso:

“Provided that not more than one dwelling-house (or part of a dwelling-house) may qualify for relief as being the residence of a dependent relative of the claimant at any one time.”, and

(d) in paragraph 10 of Schedule 4, by the substitution for subparagraph (2) of the following subparagraph:

“(2) Section 196 (special provisions relating to tax on wife's income) (inserted by the Finance Act, 1980) of the Income Tax Act, 1967 , shall apply with any necessary modifications in relation to capital gains tax as it applies in relation to income tax.”.