Finance Act 1974 (c. 30)

SCHEDULES

[F1 SCHEDULE 8 U.K. ADAPTATIONS AND AMENDMENTS OF PROVISIONS RELATING TO THE TAXATION OF CAPITAL GAINS

Textual Amendments

F1 Sch. 8 repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6), Sch.27 Part X in relation to disposals of interests in land taking place on or after 19 March Finance Act 1985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).

Development gains accruing in connection with replacement of business assets U.K.

4 U.K. Where a development gain accrues to a person in respect of a disposal of an interest in land to which section 38 of this Act applies, being a disposal in relation to which section [sections 115 to 121 of the Capital Gains Tax Act 1979 F2 ] (replacement of business assets) [apply F2 ], then, if a claim under [those sectionsF2 ] is made as respects the whole or any part of the consideration for the disposal, the consideration obtained by him for the disposal shall be treated for the purposes of [those sections in their applicationF2 ] in relation to the disposal as if it were equal to the amount by which the actual consideration obtained by him exceeds the amount of the said development gain.]

Textual Amendments

F2 Capital Gains Tax Act 1979 (c. 14, SIF 63:1), s. 157(2)and Sch. 7 para. 9for 1979-80et seq.