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.