SCHEDULES
F3SCHEDULE 3 PROVISIONS SUPPLEMENTARY TO SECTION 38
PART I DEFINITIONS OF CURRENT USE VALUE, MATERIAL DEVELOPMENT, ETC.
Current use value—leases and reversions
5
1
In computing under this Chapter any gain accruing to a person on a disposal of a lease which is a wasting asset, the current use value of the lease at the time of its acquisition by the person making the disposal shall be the relevant fraction of what its current use value at that time would be apart from this paragraph.
2
For the purposes of the preceding sub-paragraph “the relevant fraction”means the fraction of which the numerator is equal to so much of the expenditure attributable to the lease under [ section 32(1)(a) and (b) of the Capital Gains Tax Act 1979 F1] as is not under paragraph 1 of [ Schedule 3 F1] to that Act excluded therefrom for the purposes of the computation under [ ChapterIIof PartIIof that ActF2] of the gain accruing on the disposal, and the denominator is equal to the whole of the expenditure which would be so attributable to the lease for those purposes apart from the said paragraph 1.
Sch. 3Repealed byFinance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch.27 Part Xin relation to disposals of interests in land taking place on or after 19MarchFinance Act 1985 (c. 54, SIF 63:1),but without affecting the construction of 1979 (C) Sch.5 para. 9(5).