SCHEDULES

[F1SCHEDULE 6U.K.DEVELOPMENT LOSSES

Textual Amendments

F1Sch. 6 repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch.27 Part Xin relation to disposals of interests in land taking place on or after 19March Finance Act 1985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).

Private residencesU.K.

7U.K.Where a claim under the principal section is made in respect of a disposal by an individual of an interest in land to which the principal section applies, being an interest such that [section 102(2) of the Capital Gains Tax Act 1979 F2] (private residences) would, apart from this paragraph, apply to the loss accruing to him on the disposal, paragraph 21(a) to (c) of Schedule 3 to this Act shall have effect in relation to the disposal subject to the following modifications, that is to say

(a)any reference to a chargeable gain shall be read as a reference to an allowable loss;

(b)any reference to a development gain shall be read as a reference to a development loss; and

(c)any other reference to a gain shall be read as a reference to a loss.]

Textual Amendments

F2Capital Gains Tax Act 1979 (c. 14, SIF 63:1), s. 157(2)and Sch. 7 para. 9for 1979-80et seq.