Paragraph 16 F1

(1)

Subject to the provisions of paragraph 2 of Schedule 4 to this Act, the development gain, if any, accruing in respect of a disposal of an interest in land to which the principal section applies shall, if the disposal is one in relation to which [ sections 115 to 121 of the Capital Gains Tax Act 1979 F2] ( replacement of business assets) [ apply], be computed as if any claim under [ those sections] as respects the whole or a part of the consideration for the disposal had not been made.

(2)

The preceding sub-paragraph shall not affect the subsequent operation of paragraph4 ofSchedule 8 to this Act in relation to such a claim.

Annotations

Textual amendments

F1: Sch. 3Repealed by Finance 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 19March Finance Act 1985 (c. 54, SIF 63:1),but without affecting the construction of 1979 (C) Sch.5 para. 9(5).
F2: Capital Gains Tax Act 1979 (c. 14, SIF 63:1), s. 157(2)and Sch. 7 para. 9for 1979-80et seq.