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Finance Act 1974
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- UK Public General Acts
- 1974 c. 30
- SCHEDULE 3
- PART II
- Private residences
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Private residences
21Where subsection (3) of section 29 of the [1965 c. 25.] Finance Act 1965 (private residences) would, apart from this paragraph, apply to a gain accruing to an individual on a disposal of an interest in land to which the principal section applies, then—
(a)there shall first be computed both the development gain that would accrue to him in respect of the disposal if that subsection did not so apply and the Chargeable gain that would accrue to him thereon if that were so ;
(b)the amount of the development gain accruing to him in respect of the disposal shall be equal to the amount of the development gain as computed under (a) above reduced by the fraction given by that subsection ; and
(c)that subsection shall then be applied to so much of the gain accruing on the disposal as is equal to the chargeable gain as computed under (a) above.
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