Partial relief: charity not a qualifying charityE+W
8(1)This paragraph applies where—E+W
(a)a charity (““C””) is one of two or more buyers acquiring the subject-matter of a land transaction as tenants in common,
(b)C is not a qualifying charity,
(c)paragraph 6(2) to (4) would apply if C were a qualifying charity, and
(d)C intends to hold the greater part of its undivided share of the subject-matter of the transaction for qualifying charitable purposes.
(2)In such a case—
(a)paragraphs 6 and 7 have effect as if C were a qualifying charity, but
(b)for the purposes of paragraph 7 “"disqualifying event”” includes the following if they are made otherwise than in furtherance of C's charitable purposes—
(i)any transfer by C of a major interest in the whole or any part of the subject-matter of the relieved transaction;
(ii)any grant by C at a premium of a low-rental lease of the whole or any part of that subject-matter.
(3)In relation to a transfer or a grant that, by virtue of sub-paragraph (2)(b), is a disqualifying event for the purposes of paragraph 7—
(a)the date of the event for those purposes is the effective date of the relieved transaction, and
(b)paragraph 7 has effect with the modifications in sub-paragraph (4).
(4)The modifications to paragraph 7 are—
(a)sub-paragraph (4) is to have effect as if for ““At the time of”” there were substituted “ Immediately before ”;
(b)sub-paragraph (9)(a) is to have effect as if for ““at the time of”” there were substituted “ immediately before and immediately after ”;
(c)sub-paragraph (9) is to have effect as if paragraph (b) were omitted.
(5)For the purposes of this paragraph—
(a)a lease is granted ““at a premium”” if there is consideration other than rent, and
(b)a lease is a ““low-rental”” lease if the annual rent (if any) is less than £1,000 a year.
(6)In this paragraph—
(a)“"annual rent”” has the meaning given by paragraph 36(2) of Schedule 6, and
(b)“"rent”” has the same meaning as in that Schedule.
Commencement Information
I1Sch. 18 para. 8 in force at 1.4.2018 by S.I. 2018/34, art. 3