(1) An individual shall not be chargeable to capital gains tax for a year of assessment if the amount on which he or she is chargeable to capital gains tax under section 31 for that year does not exceed €1,270.
(2) Where the amount on which an individual is chargeable to capital gains tax under section 31 for a year of assessment exceeds €1,270, only the excess of that amount over €1,270 shall be charged to capital gains tax for that year.
(3) Where, on the assumption that subsection (2) did not apply, an individual would be chargeable under the Capital Gains Tax Acts at more than one rate of tax for a year of assessment, the relief to be given under that subsection in respect of the first €1,270 of chargeable gains shall be given -
(a) if the individual would be so chargeable at 2 different rates, in respect of the chargeable gains which would be so chargeable at the higher of those rates and, in so far as relief cannot be so given, in respect of the chargeable gains which wou
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