Finance Act 1974

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 subsection (3) of section 29 of the [1965 c. 25.] Finance Act 1965 (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.