# Finance Act 1974, Paragraph 7


Where a claim under the principal section is made in respect of a disposal by an individual of an interest in land to which the principal section applies, being an interest such that [section 102(2) of the Capital Gains Tax Act 1979 ] (private residences) would, apart from this paragraph, apply to the loss accruing to him on the disposal, paragraph 21(a) to (c) of Schedule 3 to this Act shall have effect in relation to the disposal subject to the following modifications, that is to say—
(a) any reference to a chargeable gain shall be read as a reference to an allowable loss;
(b) any reference to a development gain shall be read as a reference to a development loss; and
(c) any other reference to a gain shall be read as a reference to a loss.

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Source: https://www.legislation.gov.uk/ukpga/1974/30/schedule/6/paragraph/7 (the official version)
Page: https://openlegislation.uk/finance-act-1974/schedule-6/paragraph-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.