SCHEDULES
SCHEDULE 6

DEVELOPMENT LOSSES

Computation of development loss in cases where paragraph 11 or 12 of Schedule 3 would apply in computing a development gain
5
For the purpose of computing the development loss accruing to a person in respect of a disposal of an interest in land to which the principal section applies, being a disposal in relation to which paragraph
11
or
12
of Schedule
3
to this Act would
(
or would but for paragraph
13
of that Schedule
)
apply if a chargeable gain had accrued to him on the disposal, paragraphs
11, 12
and
14 (
but not
13)
of that Schedule shall have effect in relation to the disposal subject to the following modifications, that is to say
—
a
paragraph
11(2)
shall be omitted;
b
in paragraphs
11(3)
and
12(2),
the references to the amount given by section
38(3)(c)
of this Act shall be read as references to the amount given by section
40(4)
of this Act; and
c
in paragraph
11,
for the word “exceeds”, wherever occurring, there shall be substituted the words “is less than”.
Sch. 6 repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch.27 Part Xin relation to disposals of interests in land taking place on or after 19 March Finance Act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).