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Finance Act 1989

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This is the original version (as it was originally enacted).

124Relief for gifts

(1)Section 79 of the [1980 c. 48.] Finance Act 1980 (which gives general relief for gifts and other disposals not at arm’s length) shall cease to have effect.

(2)Schedule 14 to this Act (which extends relief for gifts of business assets, provides relief for gifts on which inheritance tax is chargeable, gifts for political parties, gifts of property of historic interest etc. or works of art and gifts to certain maintenance funds etc., and makes provision for payment of tax by instalments in the case of gifts where relief is not available) shall have effect.

(3)This section shall have effect in relation to disposals on or after 14th March 1989 (except that it shall not affect the operation of any enactment in relation to such a disposal in a case where the enactment operates in consequence of relief having been given under section 79 of the Finance Act 1980 in respect of a disposal made before that date).

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