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Finance Act 1989

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171 Gifts to housing associations.E+W+S+N.I.

(1)The following section shall be inserted in the M1Inheritance Tax Act 1984 after section 24—

24A Gifts to housing associations.

(1)A transfer of value is exempt to the extent that the value transferred byit is attributable to land in the United Kingdom given to a registered housingassociation.

(2)In subsection (1) above “registered housing association”means a registered housing association within the meaning of the Housing Associations Act 1985 or Part VII of the Housing (Northern Ireland) Order 1981.

(3)Subsections (2) to (5) of section 23 and subsection (4) of section 24above shall apply in relation to subsection (1) above as they apply inrelation to section 24(1).

(2)In section 23(5) of the Inheritance Tax Act 1984 the words “or, where it is land, of a body mentioned in section 24Abelow” shall be added at the end.

(3)In section 29(5) of that Act—

(a)the words “or, where it is land, of a body mentioned in section24A” shall be inserted at the end of paragraph (b), and

(b)after “24(3) and (4),” there shall be inserted “24A(3),”.

(4)In section 161(2)(b)(ii) of that Act after “24,” there shall beinserted “24A,”.

(5)In section 102(5) of the M2Finance Act 1986 afterparagraph (e) there shall be inserted—

(ee)section 24A (gifts to housing associations);.

(6)This section shall apply to transfers of value made on or after 14th March1989.

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