SCHEDULES
SCHEDULE 3

PROVISIONS SUPPLEMENTARY TO SECTION 38
PART II

OTHER PROVISIONS SUPPLEMENTARY TO SECTION 38

Computation of development gains in connection with replacements of business assets
16
1
Subject to the provisions of paragraph
2
of Schedule
4
to this Act, the development gain, if any, accruing in respect of a disposal of an interest in land to which the principal section applies shall, if the disposal is one in relation to which
[
sections
115
to
121
of the Capital Gains Tax Act
1979
] (
replacement of business assets
) [
apply
],
be computed as if any claim under
[
those sections
]
as respects the whole or a part of the consideration for the disposal had not been made.
2
The preceding sub-paragraph shall not affect the subsequent operation of paragraph
4
ofSchedule
8
to this Act in relation to such a claim.
17
Where under
[
section
115(1)(b)
or
116(1)(b)
of the Capital Gains Tax Act
1979
]
or paragraph
18(4)
of this Schedule the person making a disposal of an interest in land to which the principal section applies would, apart from this paragraph, be treated for the purposes of
[
that Act
]
as if the amount or value of the consideration for the acquisition of that interest were reduced or further reduced by some amount, the development gain, if any, accruing in respect of the disposal shall be computed as if the said
[
section
115(1)(b)
or
116(1)(b)
]
or the said paragraph
18(4),
as the case may be, did not apply to that consideration.
Capital Gains Tax Act 1979 (c. 14, SIF 63:1), s. 157(2)and Sch. 7 para. 9 for 1979-80 et seq.
Capital Gains Tax Act 1979 (c. 14, SIF 63:1), s. 157(2)and Sch. 7 para. 9 for 1979-80 et seq.
Sch. 3 Repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch.27 Part Xin relation to disposals of interests in land taking place on or after 19 March Finance Act 1985 (c. 54, SIF 63:1),but without affecting the construction of 1979 (C) Sch.5 para. 9(5).