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(1)Section 39 of the [1974 c. 30.] Finance Act 1974 (exemption or relief for small disposals) shall have effect, and be deemed always to have had effect, with the following amendments.
(2)For subsections (1) to (3) there shall be substituted—
“(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.”
(3)In subsection (4)(c) for the words " subsections (1) and (2) above " there shall be substituted the words " subsection (1) above. "
(4)Subsection (5) shall be omitted.
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