Capital gains exemption for replacement jewellery: reinvestment within prescribed period prevents charging of the corresponding capital gain. Capital gains on transfer of jewellery held for personal use were exempted from charge where the assessee or a dependent acquired replacement jewellery for personal use within a specified period; full exemption applied if replacement cost equalled or exceeded the consideration received, otherwise an exemption proportionate to the replacement cost relative to the consideration reduced the taxable capital gain. Jewellery was defined by reference to the statutory explanation and the relief applied subject to the time-linked reinvestment condition.