# Finance Act 1974, Paragraph 2


A loss accruing to a person in a chargeable period during no part of which he is resident or ordinarily resident in the United Kingdom shall not be to any extent a development loss unless, under [section 12 of the Capital Gains Tax Act 1979 ] as applied by paragraph 1 of Schedule 8 of this Act, he would (or would but for section 39(1) of this Act) be chargeable to income tax or corporation tax in respect of a development gain if there had been a gain instead of a loss on that occasion.

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Source: https://www.legislation.gov.uk/ukpga/1974/30/schedule/6/paragraph/2 (the official version)
Page: https://openlegislation.uk/finance-act-1974/schedule-6/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.