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Finance Act 1974
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3Section 42 of the Finance Act 1965 (chargeable gains accruing to non-resident trusts) shall have effect in relation to development gains as it has effect in relation to chargeable gains, subject to the following modifications, that is to say—
(a)in subsection (2), for the words "capital gains tax under section 20(4) of this Act" there shall be substituted the words " income tax by virtue of section 38(2) of the Finance Act 1974 "; and
(b)for the references to capital gains tax in subsections (4)(b) and (5) there shall be substituted references to income tax or corporation tax.
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