{
  "url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-261E",
  "json_url": "https://openlegislation.uk/taxation-of-chargeable-gains-act-1992/section-261E.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/261E",
  "kind": "section",
  "number": "261E",
  "heading": "Meaning of “the maximum amount” for purposes of section 261D",
  "text": "(1) For the purposes of section 261D “the maximum amount” is the amount on which the person would be chargeable to capital gains tax for the year of assessment if the following were ignored.\n(2) The matters to be ignored are—\n(a) any allowable losses falling to be carried forward to that year from a previous year for the purposes of section 1(3),\n(b) section 1K(1) (annual exempt amount), and\n(c) any relief under section 261B or 261D.",
  "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": "Words in s. 261E(2)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 79(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 261E(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. 79(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1992/12/section/261E",
    "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."
}