Section 1K of the Taxation of Chargeable Gains Act 1992 (c.12) (“TCGA”) provides that if an individual is (or would be but for section 1K) chargeable to capital gains tax for a tax year on chargeable gains, the annual exempt amount (“AEA”) for the year is to be deducted from those gains (but no further than necessary to eliminate those chargeable gains). Subsection (2) of that section specifies the AEA as £12,000. Section 1L of the TCGA provides that if the consumer prices index (“CPI”) for the September before the start of a tax year is higher than it was for the previous September the AEA is increased accordingly by the same percentage as the rise in that index, rounded up to the nearest £100.