{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-261C",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-261C.json",
  "legislation": "ukpga/1992/12",
  "legislation_title": "Taxation of Chargeable Gains Act 1992",
  "legislation_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992",
  "path": "section/261C",
  "kind": "section",
  "number": "261C",
  "heading": "Meaning of “the maximum amount” for purposes of section 261B",
  "text": "(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—\n(a) the provisions mentioned below were ignored, and\n(b) no account were taken of the event mentioned below.\n(2) The provisions are—\n(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(b) section 1K(1) (annual exempt amount), and\n(c) section 261B.\n(3) The event is any event—\n(a) which occurs after the date on which the relevant amount (see section 261B(3)) can no longer be varied by the tribunal on appeal or on the order of a court, and\n(b) in consequence of which the amount chargeable to capital gains tax is reduced as a result of an enactment relating to capital gains tax.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Ss. 261B-261E and cross-heading inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 329 (with Sch. 2)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "S. 261C(2)(a) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 39"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 261C(2)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 78"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Word in s. 261C(3)(a) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 183"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/section/261C",
    "retrieved_at": "2026-10-29T09:36:15.270072+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}