Textual Amendments
F1Ss. 38–47 repealed Finance Act 1985 (c. 54, SIF 63:1), s. 98(6), Sch.27 Part X in relation to disposals of interests in land taking place on or after 19 March Finance Act 1985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 Capital Gains Tax Act 1979 (c. 14, SIF 63:1) Sch.5 para. 9(5).
Textual Amendments
F2 See— Development Land Tax Act 1976 (c. 24), s. 35—Development Land Tax—which terminates, subject to ss. 36, 37and 38(3),the taxation of development gains accruing on and after 1August 1976. Development Land Tax Act 1976 (c. 24),repealed by Finance Act 1985 (c. 54, SIF 63:1), ss. 93, 98(6)and Sch.27 Part X. Finance Act 1985 (c. 54, SIF 63:1), s. 93(6)—abolished with effect from 19March Finance Act 1985 (c. 54, SIF 63:1), .
[F3(1)Where the amount of chargeable gains that would, apart from this subsection, be a person’s development gains for any chargeable period does not exceed—
(a)in the case of an individual or the personal representatives of a deceased person as such, £10,000; or
(b)in the case of a company or the trustees of a settlement, £1,000,
no part of those chargeable gains shall be development gains; and where that amount exceeds the limit applicable to that person under paragraph (a) or (b) above only so much of that amount as exceeds the limit shall be development gains.
(2)For the purposes of this section a man and his wife living with him shall be treated as one individual F3.]
(4)Where two or more persons carry on a trade or business in partnership, then, for the purposes of this section—
(a)notwithstanding [F4section 60(b) of the Capital Gains Tax Act 1979 F4] the firm shall be treated as a single individual, and all disposals of partnership assets by the firm shall be treated as made by that individual;
(b)a change in the persons carrying on the trade or business shall be disregarded if, assuming an election under section 154(2) of the Taxes Act to have been duly made, the trade or business would not by virtue of section 154(1) of that Act be treated as discontinued by reason of the change; and
(c)for any year of assessment in or in part of which a company is a member of the partnership, [F3subsection (1) above]F3, shall apply as if in paragraph (a) above for the words “a single individual” and “that individual” there were substituted respectively the words “a company” and “that company”.
F5(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3By Finance Act 1976 (c. 40), s. 129. 1974 s. 39(1)to (3) is replaced by subss. (1)and (2)with respect to gains after 17December 1973.
F4Capital Gains Tax Act 1979 (c. 14, SIF 63:1), s. 157(2)and Sch. 7 para. 9for 1979-80et seq.
F5S. 39(5) repealed by Finance Act 1976 (c. 40, SIF 63:1, 2), ss. 129, 132, Sch. 15 Part VII with respect to gains after 17 December 1973.