Part III Miscellaneous and General
Inheritance tax
171 Gifts to housing associations.
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.