Finance Act 1990 (c. 29)

SCHEDULES

Section 127.

SCHEDULE 18 Definition of “Local Authority”

1 In section 74(4) of the [1952 c. 33.] Finance Act 1952 for “519” there shall be substituted “842A”.

2 Section 52 of the [1974 c. 30.] Finance Act 1974 shall cease to have effect.

3 In section 149B of the [1979 c. 14.] Capital Gains Tax Act 1979 the following subsections shall be substituted for subsection (3)—

“(3) A local authority, a local authority association and a health service body shall be exempt from capital gains tax.

(3A) In subsection (3) above—

(a) “local authority association” has the meaning given by section 519 of the Taxes Act 1988, and

(b) “health service body” has the meaning given by section 519A of that Act.”.

4 In section 272 of the [1984 c. 51.] Inheritance Tax Act 1984, in the definition of “local authority”, for “519” there shall be substituted “842A”.

5 (1) The Taxes Act 1988 shall be amended as follows.

(2) Section 519(4) shall cease to have effect.

(3) In section 832(1), the following definition shall be substituted for the definition of “local authority” and “local authority association”—

““local authority association” has the meaning given by section 519;”.