SCHEDULES
F1SCHEDULE 6DEVELOPMENT LOSSES
Modification of sections 176 and 179 of the Taxes Act (Case VI losses) in relation to development losses
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Without prejudice to the following provisions of this Schedule, any development losses which have accrued to a person in any chargeable period shall under section 176 or, as the case may be, section 179 of the Taxes Act be deducted from or set off against—
a
first, any development gains accruing to him in that period;
b
secondly, any other profits or gains or income arising from transactions in respect of which he is assessed for that period under CaseVIof Schedule D;
c
thirdly, any development gains accruing to him in the first subsequent chargeable period;
d
fourthly, any other profits or gains or income arising from transactions in respect of which he is assessed for the last-mentioned chargeable period under that Case,
and so on for each successive chargeable period.
Sch. 6 repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch.27 Part Xin relation to disposals of interests in land taking place on or after 19MarchFinance Act 1985 (c. 54, SIF 63:1),but without affecting the construction of 1979 (C) Sch. 5 para. 9(5).