SCHEDULES
F2SCHEDULE 8 ADAPTATIONS AND AMENDMENTS OF PROVISIONS RELATING TO THE TAXATION OF CAPITAL GAINS
Annotations:
Amendments (Textual)
Development gains accruing to non-resident companies and trusts
3
[Section 17 of the Capital Gains Tax Act 1979 F1] (chargeable gains accruing to non-resident trusts) shall have effect in relation to development gains as it has effect in relation to chargeable gains, subject to the following modifications, that is to say—
a
in subsection (2), for the words “capital gains tax under [section 4(1) above F1]” there shall be substituted the words “income tax by virtue of section 38(2) of the Finance Act 1974”; and
b
for the references to capital gains tax in subsections (4)(b) and (5) there shall be substituted references to income tax or corporation tax.
Sch. 8 repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6), Sch.27 Part X in relation to disposals of interests in land taking place on or after 19 March Finance Act 1985 (c. 54, SIF 63:1), but without affecting the construction of 1979 (C) Sch.5 para. 9(5).