# Finance Act 1974, Paragraph 23


Where, in the case of an insurance company carrying on life assurance business, a profit arising from general annuity business and attributable to a disposal of an interest in land to which section 38 of this Act applies falls ( or would but for paragraph 7(2) of Schedule 7 to this Act fall) to be taken into account in the computation under section 312 of the Taxes Act ( general annuity business and pension business: separate charge on profits), the development gain, if any, accruing to the company in respect of the disposal shall be computed as if [ section 31(1) of the Capital Gains Tax Act 1979 ] ( computation of chargeable gains: exclusion of sums taken into account in computing income) did not apply.

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Source: https://www.legislation.gov.uk/ukpga/1974/30/schedule/3/paragraph/23 (the official version)
Page: https://openlegislation.uk/finance-act-1974/schedule-3/paragraph-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.