SCHEDULES
F1SCHEDULE 7 TREATMENT OF DEVELOPMENT GAINS UNDER THE TAX ACTS
Close companies
4
1
Paragraph 3(1) above shall not apply in the case of a close company as regards an accounting period for which the income of the company may under paragraph 1 of Schedule 16 to the Finance Act 1972 be apportioned among the participators or could be so apportioned apart from sub-paragraphs (2) and (3) of that paragraph; and accordingly section 85(6) of the Finance Act 1972 shall, in the case of a close company, have effect as regards any such accounting period as if the said paragraph 3(1) had not been enacted.
2
For the purposes of paragraph 11(1) of Schedule 16 to the Finance Act 1972 (close companies: definition of trading company) a development gain accruing to a company shall not be investment income.
Sch. 7repealed byFinance 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 19MarchFinance Act 1985 (c. 54, SIF 63:1),but without affecting the construction of 1979 (C) Sch.5 para. 9 (5)