- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/02/1991)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 01/02/1991.
There are currently no known outstanding effects for the Finance Act 1974, Cross Heading: Replacement of business assets.
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Textual Amendments
F1Sch. 4 repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch. 27 Part Xin relation to disposals of interests in land taking place on or after 19March Finance Act 1985 (c. 54, SIF 63:1),but without affecting the construction of 1979 (C) Sch. 5 para. 9(5).
2(1)This paragraph shall apply in relation to a disposal of an interest in land to which the principal section applies if the disposal is one in relation to which section 33 of the Finance Act 1965 (replacement of business assets) applies.U.K.
(2)Where—
(a)a claim is made by a person under the said section 33 as respects so much of the consideration for the disposal as has been applied by him in acquiring other assets, or an interest in other assets (in this sub-paragraph referred to as “the new assets”) as described in subsection (1) of that section; and
(b)the acquisition of, or of the interest in, some or all of the new assets took place either before 18th December 1973, or under an unconditional contract for the acquisition entered into before that date, or under a contract to which sub-paragraph (4) below applies,
then the amount of any development gain accruing to him in respect of the disposal (as computed before this sub-paragraph is applied) shall be reduced by the amount, if any, by which so much of the consideration for the disposal as has been applied in acquiring before that date, or under such a contract, all or any of the new assets exceeds the sum of the amounts mentioned in the following sub-paragraph.
(3)The amounts referred to in the preceding sub-paragraph are the following, that is to say—
(a)the sum that is by virtue of paragraph 4(1)(a) and (b) of Schedule 6 to the Finance Act 1965 allowable as a deduction from the consideration for the disposal in computing the chargeable gain; and
(b)the chargeable gain, if any, accruing to him on the disposal (as computed before the preceding sub-paragraph is applied).
(4)This sub-paragraph applies to a contract made after 17th December 1973 if—
(a)the parties thereto had before 18th December 1973 arranged (without entering into a binding contract) to dispose of and acquire the interest in question on terms which do not differ materially from the terms of the contract subsequently made; and
(b)the arrangement was made in writing, or is evidenced by a memorandum or note thereof so made before that date.]
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