SCHEDULES
SCHEDULE 6

DEVELOPMENT LOSSES

Computation of amount given by subsection (4) of principal section in certain cases within [paragraph 9(4) of Schedule 5 to the Capital Gains Tax Act 1979 ]
6
Where an allowable loss accrues to a person on a disposal of an interest in land to which the principal section applies, being a disposal in relation to which
[
paragraph
9
of Schedule
5
to the Capital Gains Tax Act
1979
] (
sales of land in United Kingdom reflecting development value
)
applies, then, if the amount of the loss is by virtue of sub-paragraph
(4)
of that paragraph computed without regard to
[
the said Schedule
5
] (
assets held on
6
th April
1965),
this Chapter shall have effect in relation to that disposal as if in subsection
(4)
of the principal section and paragraphs
11
and
12
of Schedule
3
to this Act
(
as applied by paragraph
5
of this Schedule
)
any reference to the current use value of the interest at the time of its acquisition by the person making the disposal or, if the interest was acquired by him before
6
th April
1965,
its current use value of that date referred only to its current use value at the time of its acquisition by him.
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Sch. 6 repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch.27 Part Xin relation to disposals of interests in land taking place on or after 19 March Finance Act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).