§ 4.—(1) Where in the case of any taxpayer—
- (a) there is a relevant gain for the year 1993–94,
- (b) the relevant gain exceeds the exempt amount for that year, and
- (c) there are indexation losses in respect of any disposals made in that year,
§ (2) The amount referred to in sub-paragraph (1) above is so much of the total of indexation losses in respect of disposals made in that year as does not exceed—
- (a) £10,000, or
- (b) the amount by which the relevant gain exceeds the exempt amount for the year,
§ 5.—(1) Where in the case of any taxpayer—
- (a) there is a relevant gain for the year 1994–95,
- (b) the relevant gain exceeds the exempt amount for that year, and
- (c) there are indexation losses in respect of any disposals made in that year or unused indexation losses for the previous year,
§
(2) The amount referred to in sub-paragraph (1) above is so much of the total of indexation losses in respect of disposals made in the year 1994–95, plus any unused indexation losses for the previous year, as does not exceed—
(a) £10,000 less the aggregate of—
- (i) the amount of any reduction made under paragraph 4(1) above for the previous year, and
- (ii) any increase made under paragraph 6(2) below for the previous year, or
(b) the amount by which the relevant gain exceeds the exempt amount for the year 1994–95,
whichever is the smaller.
§ (3) For the purposes of this paragraph, if the total amount of indexation losses in respect of disposals made by the taxpayer in the year 1993–94 exceeds the aggregate of—
- (a) the amount of any reduction made under paragraph 4(1) above for that year, and
- (b) any increase made under paragraph 6(2) below for that year,